The Kuwait Oil Company has finalized contracts worth approximately one billion dinars, equivalent to 3.3 billion dollars, in the initial eight months of 2023 from January to the end of August, which saw the KOC floating 91 tenders and contracts worth 985 million dinars, marking it the highest in recent years in the midst of reduced spending.
Official data, seen by Al-Anba daily, shows in-depth that the Kuwait Oil Company remains steadfast in executing significant projects, aligning with Kuwait’s plans to achieve targeted oil and gas production capacities.
The contracting and tendering processes for these projects are of paramount importance, vigilantly monitored by the company’s executive management, under direct guidance of the company’s CEO Ahmed Al-Eidan which emphasizes the crucial need for timely project implementation, devoid of any delays.
Breaking down the data, January stood out with the highest contract value during this period, reaching 379.7 million dinars, followed by March with contracts worth 233 million dinars.
August secured the third spot with contracts valued at 154.57 million dinars, while June and July held the fourth and fifth positions, with contracts valued at 115.7 million dinars and 59.6 million dinars, respectively.
The pinnacle in contract value was observed in August, attributed to a maintenance services contract for production facilities, totaling 74.9 million dinars. Following closely, January witnessed a 68.5 million dinar contract for constructing flow lines and associated works in western Kuwait.
March held the third position with a 48 million dinar contract for exploration, transportation, and drilling in southern Kuwait. Notably, January recorded the highest number of contracts, constituting 29% of the total contracts, with a value of 39% of the total contracts during the initial eight months.
March emerged as the second-highest month in contract rates, accounting for 16.5% of the total contracts and 24% of the total contract value. April, however, saw a lower rate with five contracts valued at 13.54 million dinars.
May and June collectively showcased 17 contracts totaling 140 million dinars, with notable contracts for mud services and petroleum system services. July and August, combining for 26 contracts worth 214 million dinars, marked the third-highest month in contract value, wherein upgrading water stations and maintenance services featured prominently.
Furthermore, the Central Agency for Public Tenders sanctioned change orders, extensions, and awards for oil tenders, amounting to 78 million dinars. This encompassed extensions for maintenance contracts and awards for various services, reinforcing the commitment to advancing Kuwait’s oil and gas sector.
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