KOC to sign drilling tower supply deal worth $750 million

KOC to sign drilling tower supply deal worth $750 million

Kuwait Oil Company (KOC) is preparing to sign deals for the supply of 31 drilling towers with nine local and international companies, local daily Al-Anba reported. The deals are worth $750 million (KD 230 million), and the contracts will be valid for five years, the outlet reported, citing a reliable source.KOC plans to drill around 400 new crude oil wells once the towers are delivered, bringing the national total to 150, with 80 for drilling and 70 for repairing wells.Two local companies, Burgan Wells Drilling and Kuwaiti Drilling Company, are expected to be part of the deal, as well as seven international companies; Sinopec, Jerry, Aleph, Sino Tharwa Drilling and Schlumberger.This deal would be part of Kuwait's larger plans to expand its upstream segment and to increase crude oil production capacity from 3.15 million barrels per day to four million barrels by 2040.