Kuwait awards $370mln oil deals in Q1

Kuwait awards $370mln oil deals in Q1

State-owned Kuwait Oil Company (KOC) awarded 23 contracts with a combined value of around 112.3 million Kuwaiti dinars ($370.5 million) in the first quarter of 2022, a local newspaper reported on Tuesday.

The Company, which manages the OPEC member’s upstream sector, also issued 28 other oil tenders during that period and hundreds of local and foreign firms are vying for the projects, the Arabic language daily Al-Anba said, citing KOC sources.

The largest contract in the first quarter was awarded in February to the US oilfield services company Schlumberger with a value of around 41 million dinars ($135 million) for the supply of oil well drilling pumps, the paper said.

Another key project worth nearly 24 million dinars ($79 million) was awarded to the UK’s Marriott P R Drilling for oil rig support services, the report added

It noted that the projects are part of KOC’s plans to develop oil fields and boost sustainable output capacity to 3.5 million barrels per day in 2025 and 4 million bpd in 2035.

(Writing by Nadim Kawach; Editing by Anoop Menon)

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