Drilling News – Oman Cuts New Drilling and Extraction Deal.

In recent drilling news Oman’s Abraj Energy Services said it had signed a five-year “strategic partnership deal” with Kuwait Gulf Oil Company and Saudi Arabian Chevron to extract and drill for oil in Kuwait.

The deal will see Abraj build three drilling platforms in the Wafra oilfield in Kuwait, the company said in a statement.

The deal comes “within the framework of strengthening (the company’s) position and expanding its operations in … the Middle East and North Africa,” it added.

This agreement leverages Abraj’s competitive advantage of being a leading service provider in Oman with a depth of experience and expertise.

The collaboration envisages an opportunity to expand its portfolio of services, exchange experiences and adopt best practices in the field of drilling, sustainability and technology in the sector.

Remarking on the importance of this partnership, Saif Al Hamhami, Abraj’s CEO, said: “We are pleased to announce our strategic partnership with Saudi Arabian Chevron and Kuwait Gulf Oil Company, emphasizing our commitment to expand our regional footprint in the Middle East and North Africa region.”

“The company is pre-qualified to provide various services in Kuwait, Saudi Arabia and Algeria, where the company’s advanced rigging fleet is linked to long-term contracts with leading national and international companies in the field of exploration and production.”

He added: “Abraj is uniquely poised for this opportunity as it owns the most modern and advanced drilling fleets in the Middle East and North Africa region. Consisting of 25 drilling rigs and five well maintenance rigs that operate with the latest technology, it offers a competitive advantage to its clients particularly in Saudi Arabia, Kuwait and Algeria.”

In line with its growth strategy the company announced the listing of its shares on the Muscat Stock Exchange on February 23.

This was part of the exit plan announced by Oman Investment Authority to facilitate investment opportunities for local and foreign investors in tandem with the goals of Oman Vision 2040. This step aims to boost the participation of the private sector in various economic fields at the national level.

Drilling News 6 Apr 2023.