Kuwait extends oil well cement capping deals with local firms

Kuwait extends oil well cement capping deals with local firms

Kuwait has decided to extend five contracts with local companies involving capping oil wells with cement as part of an ongoing plan to boost crude production capacity, a newspaper in the OPEC member said on Friday.

The five projects have a combined value of around 75 million Kuwaiti dinars ($247.5 million) and they are part of a major “oil well cement” contract awarded to those firms by the state-owned Kuwait Oil Company (KOC), the Arabic language daily Alanba said.

It quoted official oil sources as saying the decision to extend the deals is intended to support KOC plans to “maximise the country’s oil and gas output capacity”.

“KOC has decided to extend five oil well cement contracts signed with a number of local companies to support its oil well drilling programme…these projects are important for KOC production plans as they contribute to protecting oil wells,” the paper said.

It did not identify those companies or mention the extended period in these contracts.

(Writing by Nadim Kawach; Editing by Anoop Menon)

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