• The contracts are unique in that they are the first time KOC has signed drilling rig contracts with local companies.
• The contracts will also provide job opportunities for Kuwaiti youth in the oil sector and help them gain experience from international companies.
Kuwait Oil Company (KOC) has signed nine contracts with five local companies to provide drilling rigs, specifically designed to boost heavy oil production in the northern Kuwait fields.
A first for KOC: Local partnerships with international support
These contracts mark a unique chapter for KOC. They represent the first time the company has partnered with local firms for drilling rig procurement, according to reports by Al-Rai newspaper.
However, the local companies will receive support from qualified international players with expertise in drilling and well repair operations.
This strategic move aims to cultivate and establish a strong local presence in the drilling rig sector.
KOC actively seeks collaboration with private sector companies. This approach has a two-fold benefit.
Firstly, it fosters the acquisition and localization of expertise within the Kuwaiti market. Secondly, it injects healthy competition into the process, encouraging international companies to offer the most competitive prices.
Investing in the future workforce
KOC prioritizes the development of the Kuwaiti workforce, particularly the youth. These contracts are expected to generate around 126 diverse job opportunities in the oil sector.
This not only expands employment but also provides Kuwaiti youth with invaluable experience working alongside international companies.
Long-term goals
KOC will closely follow up with these local companies while actively seeking out other Kuwaiti companies with capabilities in medium and deep drilling towers and well repair.
This follow-up process will involve providing support and guidance to help them raise their capabilities and meet the necessary qualifications for future tenders.
By empowering local businesses, KOC aims to achieve several increased efficiency, raise job opportunities and localise the petroleum industry.
