Global oil services companies pick up fresh contracts as Gulf country boost crude production
Four oil services companies have been awarded deals worth almost $1bn combined to carry out drilling at oil and gas fields in Kuwait.
The four contracts were awarded by state-owned upstream group Kuwait Oil Company (KOC) and cover the provision of directional drilling, measurement while drilling (MWD) logging while drilling (LWD).
US-based Baker Hughes won the largest deal with a value of KD91.97m ($305.33m), while Anadrill International, a subsidiary of Schlumberger, was awarded a KD90.44m contract.
US groups Halliburton and Weatherford International were awarded contracts worth KD63.56m and KD47.83m respectively.
KOC awarded the contracts during July 2016 but no further details were available on the scope of works.
KOC, the upstream crude producing arm of Kuwait Petroleum Corporation, is targeting increasing production to 3.65 million barrels a day (b/d) by 2020 and maintain this until 2030. Current production levels are about 2.9 million b/d.
You might also like...
Iraq signs deal to develop the Akkas gas field
25 April 2024
Emaar appoints beachfront project contractor
25 April 2024
Acwa Power signs $356m Barka extension
25 April 2024
AD Ports secures Angola port concession agreement
25 April 2024
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.