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Weatherford completes sale of land drilling operations category
Nov. 3, 2018
Source: World Oil

Weatherford completes sale of land drilling operations

Weatherford International has completed its sale of land drilling operations in Kuwait. The company has sold 12 drilling rigs to ADES International Holding for $123 million and the delivery of two idle land drilling rigs in southern Iraq are pending. Weatherford’s subsidiary signed a definitive agreement with ADES in July 2018 for the sale of its Algeria, Kuwait and Saudi Arabia. It also included two idle rigs in Iraq.

Kufpec borrows $1.1 billion category
Aug. 1, 2018
Source: Energy Voice

Kufpec borrows $1.1 billion

Kuwait Foreign Petroleum Exploration Co., a unit of KPC, borrowed a five-year loan worth $1.1 billion with the help of Sumitomo Mitsui Banking Corp. and Societe Generale SA. The company is planning to expand its shale operations, so the money will be spent on the projects of oil and natural gas. Further, Kufpec plans to increase its production capacity to 119,000 barrels of oil equivalent per day by next month.

KPC awards $180m contract to SNC-Lavalin category
July 27, 2018
Source: Arab Times

KPC awards $180m contract to SNC-Lavalin

Kuwait Petroleum Corp’s subsidiary, KIPIC has entered into a $180 million contract with Montreal-based SNC-Lavalin Group Inc. Under this agreement, SNC-Lavalin will provide services to the startup of the grassroots 615,000-b/d Al-Zour integrated refining complex under construction in southern Kuwait. Al-Zour refinery is part of KPCs downstream program under its 2030 strategy, to improve its refining and manufacturing sectors.

Weatherford sells its drilling rig business category
July 13, 2018
Source: Rigzone

Weatherford sells its drilling rig business

ADES has entered into an acquisition agreement amounting to $287.5m to buy Weatherford subsidiary’s land drilling rig operations in Algeria, Kuwait, and Saudi Arabia. The agreement will give ADES the ownership of 31 land drilling rigs and related drilling contracts. ADES International Holding has said that the deal will expand its total fleet and more than double its operational fleet. The deal is expected to close by 2018.

Kuwait awards a drilling contract to Precision category
July 11, 2018
Source: E&P

Kuwait awards a drilling contract to Precision

Canada’s largest drilling contractor, Precision Drilling Corp. has bagged a 5-year take-or-pay contract of newbuild ST-3000 drilling rig in Kuwait whose capital cost is estimated to be around $60 million. Through free cash flow generation, Precision is looking to reduce its debt in 2018. Demands for Precision’s rigs have risen considerably in the U.S.

Kuwait ramps up oil production category
July 2, 2018

Kuwait ramps up oil production

Adhering to the agreement that was reached in the OPEC meeting last month, Kuwait has elevated its oil output by 85,000 barrels per day (bpd). The confirmation came from Kuwait's Oil Minister and Minister of Electricity and Water, as he stated that “Kuwait will raise its oil production from tomorrow to 2.785 million barrels, a daily increase of 85,000 compared to May, based on last week’s production cut agreement.”

KNPC to float tender worth KD 2.5 mn category
June 4, 2018
Source: Arab Times

KNPC to float tender worth KD 2.5 mn

Kuwait National Petroleum Company (KNPC) will be floating a tender this June 17th worth 2.5 million to provide spare parts of turbines and compressors for gas operations at Ahmadi Refinery. The tender is being said to be in conjunction with the gas pipeline in Ahmadi, with capacity reaching up to 800 million cubic meters daily per pipeline next year.

Oil Plus enhances its imprint in Middle East category
April 20, 2018

Oil Plus enhances its imprint in Middle East

Oil Plus, the oil and gas water injection specialist, has considerably expanded its footprint in the Middle East after securing contracts worth more than $1.5 million in the last three months. The firm will deliver reservoir souring modelling, production chemistry and iron sulphide studies for several international oil companies in Saudi Arabia, Kuwait, Brazil, Thailand and Europe.

15 Oil workers in Kuwait killed in head-on crash category
April 3, 2018

15 Oil workers in Kuwait killed in head-on crash

According to the Kuwait Fire Service Directorate (KFSD), 15 oilfield workers lost their lives in a head-on crash on Sunday. This tragic incident occurred on the Al- Artal road where two buses were carrying employees engaged in operations near the Burgan oilfield, one of the region’s giant fields. The victims include seven Indian nationals, five Egyptians, three Pakistanis and others who are in a critical condition.

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