US-based Haliburton has won a Kuwait offshore drilling contract from state-owned upstream operator Kuwait Oil Company (KOC).
The KD181.4m ($597m) contract is for Integrated Offshore Drilling Services (IODS) for six high-pressure high-temperature (HPHT) exploration wells on two jack-up rigs in the Gulf.
Halliburton will provide and manage drilling, fluids, wireline and perforating, well testing, coring, cementing, coiled tubing and all offshore logistical services.
It will also provide the offshore rigs and supply vessels for the project.
The contract includes a 3-year term with a 6-month extension option.
Work will begin in mid-2020. The expected start date for the first rig is July 2020 and for the second rig, January 2021.
KOC chief executive, Emad Mahmoud Sultan said: “As part of KOC’s plan to increase production capacity by charting new territory in Kuwait’s offshore reserves, our company is pleased to announce that we will be working on this ambitious project alongside one of our closest business partners, Halliburton, who will be assisting us through the provision of their many years of experience in the field of offshore exploration and production.”
Sultan also said that the country’s offshore area will add an estimated 100,000 barrels to Kuwait’s daily production capacity.
Halliburton Eastern Hemisphere President Joe Rainey said: “We are grateful for the opportunity to collaborate with KOC and implement our integrated services and innovative technologies to accelerate offshore development, reduce drilling and completions costs and increase recovery”.
Kuwait is currently targeting production capacity of 4 million barrels by 2020.
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