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KOC awarded a $403m contract

KOC awarded a $403m contract
Kuwait is putting in motion long-term plans to boost its crude oil output at a time when oil producers are reducing output to bolster prices.

Kuwait is putting in motion long-term plans to boost its crude oil output at a time when oil producers are reducing output to bolster prices.

Kuwait is putting in motion long-term plans to boost its crude oil output at a time when oil producers are reducing output to bolster prices.

State-owned Kuwait Oil Company (KOC) has awarded a $403-million contract to Sinopec for five new oil and gas rigs.

KOC chairman and managing director Sami Al-Rushaid was quoted saying the deal is part of the state's strategy to boost production capacity to 4 million barrels per day (bpd) by 2020.

Estimates have pegged OPEC's fourth largest producer's current output at 2.1?2.2 million bpd.

Analysts say Kuwait currently sits on some 10% of global crude reserves. According to Al-Rushaid, KOC last year ?tendered the biggest tender, probably regionally, for 27 rigs,? reports said.

'We are at the stage of awarding five-year contracts,? he said. ?This week we have signed a contract for eight rigs with a local company.?

www.TurkishMaritime.com.tr

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