Kuwait awards $465m in rig contracts

21 July 2014

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 China’s 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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