International contractors including US-based Baker Hughes and Halliburton are expected to compete for a Kuwait Oil Company (KOC) field service contract that is due to be tendered within weeks, according to industry sources.The contract scope will focus on coring services for drilling operations, and the budget is estimated to be about $100m.KOC has indicated to contractors that it is preparing to issue this tender within the next couple of weeks.Contractors prequalified to bid on the project include:Halliburton (US)Corpro Systems (UK)Baker Hughes (US)NOV Downhole Eurasia (UK)Kuwait Petroleum Corporation (KPC) chief executive, Sheikh Nawaf Al Sabah, reiterated last month that his company planned to increase its oil production capacity to 4 million barrels a day (b/d) by 2035.About 90% of Kuwait’s oil production comes from KOC, which also plans to achieve a daily gas production capacity of 1.5 trillion cubic feet by 2040.Kuwait is estimated to have 100 billion barrels of oil reserves.Under KPC’s 2040 strategy, it plans to invest $410bn, which will come from its cash flow, debt and joint ventures with other businesses.Out of the $410bn, KPC and its subsidiaries intend to invest $110bn to accomplish the group’s energy transition targets. (ICE KUWAIT)

Fonte notizia: Meed