Halliburton bags offshore services contract from Kuwait Oil Company

US oil field services company Halliburton has bagged an integrated offshore drilling services contract from Kuwait Oil Company (KOC) for the drilling of six high-pressure high-temperature (HPHT) exploration wells on two jack-up rigs located in the Arabian Gulf.

Financial terms of the contract were not disclosed by the parties.

Through Halliburton Project Management, the oil field services company will deliver and handle drilling, fluids, well testing, wireline and perforating, coring, coiled tubing, cementing, and all offshore logistical services. Apart from that, Halliburton will be responsible for providing the offshore rigs and supply vessels needed for the project.

Emad Mahmoud Sultan – CEO of Kuwait Oil Company said: “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.”

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 courtesy of Business Wire.

The contract to the oil field services company has a three-year term with a six-month extension option. Halliburton expects to begin work in mid-2020 with the start date for the first rig likely to be July 2020 and the other rig will be January 2021.

Joe Rainey – President of Halliburton Eastern Hemisphere said: “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.”