publish time

18/07/2024

author name Arab Times

publish time

18/07/2024

KUWAIT CITY, July 18: Kuwait Oil Company (KOC) is gearing up for a significant expansion in its operational capabilities, aiming to increase the number of oil rigs in Kuwait by 23 percent over the next fiscal year. According to internal documents obtained by MEED, this strategic move is part of KOC’s broader efforts to enhance oil and gas production within the country. Currently, Kuwait operates a total of 172 rigs, comprising 86 drilling rigs and 86 well maintenance rigs. Among these are 30 deep rigs, 54 development rigs, and two heavy oil rigs for drilling purposes, while the maintenance rigs include 10 deep rigs and 76 development rigs.

By fiscal year 2025-26, KOC plans to escalate its rig count to 212, with 114 drilling rigs and 98 maintenance rigs. The new setup will feature 47 deep-water rigs, 57 development rigs, and 10 heavy oil rigs for drilling operations, alongside 9 deep-water rigs, 85 development rigs, and 4 heavy oil rigs for maintenance. Looking ahead to its five-year strategy, KOC anticipates a 38% increase in drilling rigs by FY2028-2029, aiming for a total of 119 active drilling rigs. Concurrently, the number of maintenance platforms is projected to peak at 98 in FY25-26 before gradually decreasing to 92 by FY28-29. The development plan was formulated prior to the recent landmark discovery in the Al-Nukhdha offshore field, where Kuwait Petroleum Corporation unearthed substantial reserves of light oil and gas amounting to an estimated 3.2 billion barrels of oil equivalent.