Mubasher: Kuwait Oil Company (KOC) is on the verge of signing nine contracts for supplying 86 drilling rigs, marking the largest order in the company’s history, CEO Jamal Jaafar said.
The total value of the five-year contracts amounts to KWD 1 billion, Jaafar added.
KOC will sign the contracts with nine international and local companies in a bid to slash risks, the CEO noted.
The state-owned entity asked the winning rig manufacturers to provide security documents and timetable for delivering the required rigs, he highlighted.
Increasing KOC's drilling rig fleet is one the challenges facing the Kuwait-based company in the fiscal year 2018/2019 to achieve its 2020 strategy, Jaafar explained.
KOC eyes producing 3.65 million barrel per day by 2020.
