Page 14 - MEOG Week 08 2021

MEOG TENDERS MEOG

Sinopec wins Kuwait workover job

KUWAIT KUWAIT has continued to apportion oilfield anticipated by company sources who first dis-
services jobs with a subsidiary of China’s Sino- closed the tender when speaking to the Arabic
pec winning a contract to supply 10 drilling rigs language daily Al-Anba in November.
to state-owned Kuwait Oil Co. (KOC). While no details have officially been provided
Sinopec Oilfield Service Corp. announced by KOC, the company launched a tender in
over the weekend that it had agreed a $360mn August for the acquisition of 24 HP750, HP550
workover rig contract for a five-year period and HP1000 drilling rigs.
with the contract including an option to extend The acquisition is part of KOC’s efforts to
the contract by a year for an additional cost of expand E&P activities in line with its upstream
$40mn. strategy for 2040 and developing newly discov-
Sinopec said that the deal consolidates the ered reservoirs.
firm’s position as the largest onshore drilling A company source was quoted by Al-Anba
contractor in the Middle East. Indeed, the Chi- as saying that KOC intends to “drill around 400
nese firm featured in a recent award by KOC and new crude oil wells” once the new towers are
has been present in Kuwait since 2009. delivered. The new units will take the total in the
In early February KOC handed out 350mn country to 150, comprised of 80 for drilling and
dinar ($1.15bn) worth of deals for the lease of 31 70 for well repair.
drilling towers following a tender that had been In January, Kuwaiti oil minister, and now act-
postponed during Q3 2019. ing oil minister following the resignation of the
The largest contract was signed with China cabinet, Mohammed al-Fares announced that
National Petroleum Corp. (CNPC), which will KOC had discovered two new oilfield fields as
supply and install 10 of the units. Meanwhile, well as an extension of the northern part of the
local companies Kuwait Drilling Co. and Bur- country’s key oil asset – Great Burgan.
gan Drilling Co. will each supply four rigs while The Homah oilfield was discovered in north-
the remaining units will be provided by seven western Kuwait covering an area of more than 70
foreign firms including Oman’s MB Holding, square km. The field flowed at an initial rate of
UK-based Mariott Drilling and Egyptian com- 1,452 barrels per day (bpd) of light oil.
panies, believed to include SinoTharwa Drilling Meanwhile, the al-Qashaniyah field was dis-
Co., a joint venture between Tharwa Petroleum covered in the north near the major Rawdatain
and Sinopec. and al-Sabriya fields. Al-Qashaniyah flowed at a
The contracts are believed to have been rate of 1,819 bpd of light 49-degree API oil and
signed for a period of five years, though their 2.78mn cubic feet (79,000 cubic metres) per day
total value is around a third more than was of associated gas.™

P14 www. NEWSBASE .com Week 08 24•February•2021