Mubasher: Riyadh-based Al-Khafji Joint Operations (KJO) has awarded a $10.37 million five-year equipment rental agreement to Integrated Holding Company.
The soon-to-be-signed contract will likely to go into effect as of January 2019 and will be implemented by the Kuwait-based Integrated Logistics Co, Integrated Holding said in a bourse filling on Sunday.
Established in 1981, KJO is responsible for operating oil and gas production operations in the Saudi–Kuwaiti neutral zone.
Al Khafji is a joint venture between Aramco Gulf Operations Company (AGOC) and Kuwait Gulf Oil Company (KGOC).
In 2014, the two GCC countries suspended oil production operations at the off-shore oilfields of Khafji and Wafra, which will be brought into stream again in early 2019.
Oil output at the jointly-run two fields reaches 1.6 million barrels per day (bpd).
