Supreme Council for Planning and Development discusses KPC's 2040 strategy

KUWAIT: Kuwait Oil Company (KOC) yesterday signed a KD 181 million ($597 million) contract for offshore drilling with US field services giant Halliburton. In a press release, KOC CEO Emad Al-Sultan told a press conference the contract includes exploration and drilling operations for six offshore rigs. He added that projects enclosed in the contract aim to increase Kuwait's crude oil and free-gas production, commencing a new era of production capacities.

The deal will hopefully lead to the production of 100,000 barrels per day (bpd), Sultan added. In a press conference after signing of the deal, Sultan said that the contract involves offshore operations to install drilling towers and services connected with oil wells' drilling, logistics, and transport. All precautions have been taken and plans are set in motion to carry out the needed tasks, he affirmed. The tender for drilling operations saw the participation of three global companies and Halliburton was awarded the contract, added Sultan.

Meanwhile, the Supreme Council for Planning and Development (SCPD) held a meeting yesterday to discuss Kuwait Petroleum Corporation's (KPC) 2040 strategy. According to the Council's General Secretariat, the meeting, headed by SCPD's chairman as well as First Deputy Prime Minister and Minister of Defense Sheikh Nasser Sabah Al-Ahmad Al-Sabah and attended by Minister of Oil and Minister of Water and Electricity Dr Khaled Al-Fadhel and other council members, focused on the major and general themes of the strategy. The meeting also touched on the recent global happenings and developments in relation with the Kuwait oil industry and efforts to fulfill the country's New Kuwait Vision 2035.

Economic openness
In other news, the Cabinet voiced relief for State's policies to achieve economic openness while commending Morgan Stanely Capital International's (MSCI) upgrade of Boursa Kuwait to an emerging market. During its weekly meeting on Sunday, the Cabinet was briefed by Minister of Finance Dr Nayef Al-Hajraf, officials in the finance ministry and the Kuwait Investment Authority over the assets and obligations as of March 31, 2019. The officials also briefed the Cabinet about reserve of future generations and the State's general reserve as of March 31 this year, Deputy Premier and Minister of State for Cabinet Affairs Anas Al-Saleh said in a statement. The Cabinet, said Saleh, voiced relief over financial positions "which reflects success of economic openness policies" with the objective of honoring His Highness the Amir's desire to transform Kuwait into a financial and commercial hub. Minister of Commerce and Industry and Minister of State for Services Khaled Al-Roudhan, meanwhile, briefed the Cabinet about MSCI's upgrade of Boursa Kuwait to an emerging market status as of May 2020. He said the upgrade was a result of reforms at Kuwait stock market which would improve the national economy and boost confident of local and foreign investors. - KUNA