Kuwait Oil Company (KOC) and Halliburton (NYSE: HAL) today announced the companies have signed an Integrated Offshore Drilling Services contract for six high-pressure high-temperature (HPHT) exploration wells on two jack-up rigs in the Arabian Gulf. Through Halliburton Project Management, the Company will provide and manage drilling, fluids, wireline and perforating, well testing, coring, cementing, coiled tubing, and all offshore logistical services. Additionally, Halliburton will provide the offshore rigs and supply vessels for the project.
“As part of KOC’s plan to increase production capacity by charting new territory in Kuwait’s offshore reserves, our Company is pleased to announce that we will be working on this ambitious project alongside one of our closest business partners, Halliburton, who will be assisting us through the provision of their many years of experience in the field of offshore exploration and production,” said KOC CEO Emad Mahmoud Sultan.
“We are grateful for the opportunity to collaborate with KOC and implement our integrated services and innovative technologies to accelerate offshore development, reduce drilling and completions costs and increase recovery,” said Halliburton Eastern Hemisphere President Joe Rainey.
Key data points: The growth forecast = 6.6% annually for the next 7 years. Scroll below to get more insights. This market report covers trends, opportunities and forecasts in smart oilfield market to 2031 by component (hardware, software, and services), technology (internet of things, artificial intelligence & machine learning, cloud computing, data analytics, and automation & remote monitoring), application (upstream activities, midstream activities, and downstream activities), end use (independent oil & gas operators, national oil companies, international oil companies, service companies, government & regulatory bodies, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)
Download free sample pagesThe contract includes a 3-year term with a 6-month extension option. Work will begin in mid-2020. The expected start date for the first rig is July 2020 and the second rig is January 2021.
