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FinancialNews
02-07-19
Kuwait targets hike in crude oil output
(MENAFN) Kuwait Oil Company (KOC) revealed the GCC nation to be targeting 100,000 barrels per day (bpd) hike in the output of its crude oil.
CEO of KOC Emad Al-Sultan made the announcement while addressing a news conference that was conducted for inking an agreement with Halliburton, an American oil field service company.
During the conference, the CEO affirmed that "a deal with Halliburton will hopefully lead to the production of 100,000 bpd in Kuwait."
A USD597 million was penned between KOC and Halliburton for offshore drilling and exploration of six rigs along with exploring the Kuwaiti production capacity.
MENAFN0207201900450000ID1098712680
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