KOC NEWS

Oilfield services giant, Halliburton has secured an integrated offshore drilling services contract from Kuwait Oil Company. The contract pertains to exploration well in the Arabian Gulf. Halliburton will provide and manage drilling, fluids, wireline and perforating, well testing, coring, cementing, coiled tubing, and all offshore logistical services. The contract also requires Halliburton to deliver the offshore rigs and supply vessels for the project.

National Petroleum Construction Co. (NPCC) of Abu Dhabi informed that the company has won a construction contract from Kuwait Oil Company. The contract is of $231 million. Under the scope of this contract, NPCC will have to build facilities in order to reduce crude salinity. These facilities will be built at the four oil gathering stations that are operated by Kuwait Oil.

In the midst of heightened supply in the US and strengthening dollar, oil has hit its lowest level in three weeks. Against this backdrop, OPEC continues to trim output and it is expected that the organization will do all that it takes to preserve oil market stability. The enhanced dollar strength will push crude lower and for certain, will act as a headwind for oil.