Halliburton inks $597m deal to explore for oil off Kuwait coast

Development of Kuwait's offshore area is set to add an estimated 100,000 barrels to its daily production capacity
Halliburton inks $597m deal to explore for oil off Kuwait coast
By Bloomberg
Mon 01 Jul 2019 02:52 PM

Halliburton Co and state-owned Kuwait Oil Co have signed a KD181.4 million ($597 million) contract to explore for oil off the coast of Kuwait, marking the Gulf state’s first foray into offshore services.

Development of the country’s offshore area will add an estimated 100,000 barrels to Kuwait’s daily production capacity, KOC CEO Emad Sultan said after signing the three-year agreement.

Kuwait Oil will use two rigs in the first stage of the project to drill six exploratory wells, he said.

Kuwait is currently OPEC’s fourth-biggest producer, and can pump as much as 3 million barrels of oil a day from its wholly owned fields.

The country is targeting a daily capacity of 4 million barrels by 2020.

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