SPETCO continues to implement contract to install pumps for KOC; 7 years contract worth $172 mln

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KUWAIT CITY, April 24: MEED magazine reported that the Kuwaiti company SPETCO is proceeding with the implementation of a contract to supply and install suction pumps in the oil fields, reports Al-Anba daily. According to oil sources the work is proceeding in full swing according to schedule, noting that the contract period is 7 years worth $172 million and was signed with the Kuwait Oil Company in in August 2022 and entered into force on November 1 of the same year.

One of the sources added that the scope of work in the project includes the supply and installation of new suction pumps, as well as the rental of pumps to the KOC and the provision of operation and maintenance services for the existing pumps.

The suction pump system will be installed, which is an artificial lift is a pumping system that uses a surface energy source and works to create reciprocating motion in the pumps connected to the bottom of the oil well. The pump contains a piston and valve assembly to convert reciprocating motion into vertical fluid motion.

MEED concluded by saying that the market for oil and gas projects in Kuwait is currently witnessing low levels of activity, as there are very few large projects that have been put forward amid the political uncertainty the country is going through. As a result of the decline in the volume of project work available in the oil and gas infrastructure, many Kuwaiti contracting companies were forced to search for new types of services that could be provided, especially in new geographical markets such as the Kingdom of Saudi Arabia and the Sultanate of Oman.

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