Sinopec and Kuwait Drilling Company win deals as country looks to ramp up oil production
Over the past three months, state-run upstream operator Kuwait Oil Company (KOC) awarded KD131m ($465m) in contracts for rig supply to the local Kuwait Drilling Company (KDC) and Chinas Sinopec International Petroleum Services.
In June, Sinopec supplied eight rigs for a total of KD79m, while KDC provided KD52m-worth of rigs in May and July.
Kuwait is looking to increase its oil output by 23 per cent by 2020, boosting supply to 4 million barrels a day (b/d) using enhanced extraction methods.
The full list of rig contracts awarded is:
- 1 July 2014 Kuwait Drilling Company, KD31m ($110m)
- 9 June 2014 Sinopec, KD57m
- 9 June 2014 Sinopec, KD22m
- 26 May 2014 Kuwait Drilling Company, KD21m
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