Over January 2016 state-owned Kuwait Oil Company (KOC) signed 22 contracts worth a total of $2.1bn.

The biggest contract was signed by US-based engineering company Schlumberger on 27 January, and was worth $480m.

It will see Schlumberger carry out engineering, procurement, and construction (EPC) work on one of the three packages that make up phase two of Kuwait’s Jurassic Non Associated Oil and Gas Reserves Expansion.

The second-biggest deal was a $435m contract signed by Al-Ghanim International General Trading and Contracting.

Under the agreement, Al-Ghanim will construct remote header manifolds and associated works in south and east Kuwait areas.

Fifteen of the contracts were for the supply of drilling rigs.

Kuwait is currently looking for efficiencies in its oil and gas sector amid lower government revenues due to the collapse in global oil prices.