Friday, 17 August 2018 01:01 GMT
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Kuwait- KOC floats tenders for offshore oil exploration - Boost in gas production eyed



(MENAFN - Arab Times) KUWAIT CITY, Jan 3: Kuwait Oil Company (KOC) in an unprecedented move has floated tenders for offshore oil explorations, reports Al-Anba daily. The daily quoting informed sources explained that contracts are expected to be signed in the second half of 2018 for implementation of the project. He explained the internal tenders committee at KOC went ahead and floated tenders for offshore oil explorations without resorting to the Central Tenders Committee based on specific conditions stipulated in the new Tenders Law.

They noted the exploration will begin in six different sites off Kuwaiti Bay before the end of 2018, and that KOC has invited three specialized international companies in drilling/explorations — Schlumberger, Baker Hughes and Halliburton, to present their quotations. KOC is allowing the three companies to seek help from other international companies in terms of equipment supply, while signing sub-contracts for the execution of relevant tasks.

The source reiterated the new contracts aim to boost the daily oil production by 700,000 barrels and gas production to one billion cubic feet. Meanwhile, director of Technical Monitoring in the Ministry of Electricity and Water Engineer Iqbal Al-Tayyar disclosed that the sector has been communicating with the Public Authority for Housing Welfare (PAHW) concerning the smart and environment-friendly South Saad Al-Abdullah City, reports Al-Anba daily.

Engineer Al-Tayyar noted the Korean company that will be executing the project is fully involved in the coordination. She affirmed that ministry officials recently held a meeting with officials of PAHW and Korean experts to deliberate on the aspect of electricity and water supply to the city. She said the ministry has been exerting concerted efforts to ensure the team forms the right synergy for achievement, indicating the focus is now on establishing three centers for power and water, and prepaid system for consumer affairs. She reiterated the current stage is for data gathering in preparation for the project's housing units, the number of beneficiaries, and electricity and water needs of each unit, after which the team will move to the next stage of infrastructure execution.

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Kuwait- KOC floats tenders for offshore oil exploration - Boost in gas production eyed

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