KUWAIT CITY (Rahnuma): Kuwait Oil Company (KOC) on Monday signed a contract worth 181 million Kuwaiti dinars (597 million U.S. dollars) for offshore drilling with U.S. oil field service company Halliburton.
Emad Al-Sultan, KOC’s CEO, said at a press conference that the contract includes exploration and drilling operations for six rigs.
The projects in the contract aim to increase Kuwait’s oil and free-gas production, commencing a new era of production capabilities of Kuwait, he said.
KOC is a government-owned company, the operation of which includes exploration, drilling and production of oil and gas in Kuwait.
The company’s operation also involves the storage of crude oil and delivery to tankers for export.
Halliburton is one of the world’s largest oil field service companies, which has operations in more than 70 countries.