KUWAIT CITY, July 4: Kuwait Oil Company (KOC) has signed nine contracts with five local companies to provide drilling rigs for heavy oil production operations in the northern Kuwait fields, with the aim of supporting the local economy. The contract signing ceremony was held in the company’s main building in the presence of KOC’s Chief Executive Officer Ahmed Al- Eidan and a number of his deputies, group managers and heads of the concerned teams, in addition to officials of the five local companies with which the contracts were signed.

The nine contracts stipulate the provision of surface drilling rigs with a capacity of 550 HP for a period of up to five years, at competitive prices and within the allocated budgets. These contracts are considered unique, as this is the first time that drilling rig contracts are signed with local companies with the support of international companies experienced in drilling and well repair operations.

This move aims to develop local capabilities and localize the petroleum industry. KOC is committed to enhance the competitive environment, encourage local private companies and provide diverse oil sector job opportunities for young Kuwaitis. The company will closely monitor these companies to improve their capabilities and qualify them to participate in future tenders for medium and deep drilling rigs and well repair in a bid to generate job opportunities and localize petroleum industries. The five contracting companies are: Operation Energy, Kuwait Well Drilling, Imkan, Zenith Group Company Drilling and Maintenance of Oil Wells, and Engineering Refineries.