KOC Awards Halliburton Integrated Offshore Services Contract
July 01 2019 - 10:42AM
Business Wire
First offshore project in Kuwait since the
early 1980s
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.
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Halliburton and KOC sign integrated
services agreement for the offshore development of KOC’s six HPHT
wells in the Arabian Gulf in Al Ahmadi. Pictured left to right:
Halliburton Eastern Hemisphere President Joe Rainey, KOC CEO Emad
Mahmoud Sultan, KOC Deputy CEO Drilling and Technology Nayef
Al-Enezi and KOC CEO Exploration and Gas Ahmed Al-Eidan. (Photo:
Business Wire)
“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.
The 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.
About KOC
Established in 1934, Kuwait Oil Company is responsible for the
exploration, production and export of the State of Kuwait’s
hydrocarbon resources. Throughout its history, KOC has strived to
secure its position as a leader in the oil and gas industry by
utilizing the latest forms of technology and industry best
practices throughout its areas of operation. Recently, KOC has set
its sights on Kuwait’s offshore reserves after a comprehensive 3D
seismic survey of the entirety of Kuwait Bay indicated the
potential for commercial quantities of production. As part of its
commitment to remain a reliable supplier of energy to the world,
KOC is currently making excellent progress in its effort to grow
its reserves and increase production in a way that is both
economically viable and environmentally sound.
About Halliburton
Founded in 1919, Halliburton celebrates its 100 years of service
as one of the world's largest providers of products and services to
the energy industry. With 60,000 employees, representing 140
nationalities in more than 80 countries, the company helps its
customers maximize value throughout the lifecycle of the reservoir
— from locating hydrocarbons and managing geological data, to
drilling and formation evaluation, well construction and
completion, and optimizing production throughout the life of the
asset. Visit the company’s website at www.halliburton.com. Connect
with Halliburton on Facebook, Twitter, LinkedIn, Instagram and
YouTube.
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For Halliburton
Investors: Abu Zeya Halliburton, Investor Relations
Investors@Halliburton.com 281-871-2633
Media: Emily Mir Halliburton, Public Relations
PR@Halliburton.com 281-871-2601
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