Halliburton Co and state-owned Kuwait Oil Co have signed a KD181.4m m($597m) contract to explore for oil off the coast of Kuwait, marking the Gulf state’s first foray into offshore services.
Development of the country’s offshore area will add an estimated 100,000 barrels to Kuwait’s daily production capacity, KOC CEO Emad Sultan said after signing the three-year agreement.
Kuwait Oil will use two rigs in the first stage of the project to drill six exploratory wells, he said.
Kuwait is currently OPEC’s fourth-biggest producer, and can pump as much as 3m barrels of oil a day from its wholly owned fields.
The country is targeting a daily capacity of 4m barrels by 2020.
This edited article first appeared in Arabian Business.