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Kuwait requests 44 drilling rigs to expand oil production

Kuwait oil

Kuwait, (Business News Report)|| The State of Kuwait is looking to increase oil production during the coming period, and has requested the supply of 44 drilling rigs from international companies.

According to the Kuwaiti newspaper, Al-Anbaa, the State of Kuwait has asked international companies to supply 44 drilling rigs for a period of five years.

The newspaper explained that the first request aims to supply it with 24 drilling rigs of 2,000 and 1,500 horsepower, while the second is focused on ordering 20 small drilling rigs of 750 horsepower for drilling oil wells and shallow waters.

The company set May 30 as the last date for submitting financial bids from specific companies pre-qualified to participate, while a preliminary meeting will be held on March 16 to respond to contractors’ inquiries, the newspaper said.

The demand for drilling rigs coincides with the directions of the Kuwait Oil Company to increase the production capacity of crude oil and gas during the coming period. In preparation for the gradual arrival of 3.2 million barrels per day of sustainable crude oil production capacity until 2025.

During the past months, the Kuwaiti government concluded a number of contracts to raise its oil production, clean the soil from the remnants of the invasion, and promote the digital transformation of the state-owned oil company.

Kuwait has also developed a strategic plan to increase oil production to 3.5 million barrels per day by 2025, and 4 million barrels per day by 2035, and maintain it until 2040.

In a related context, the Kuwait Stock Exchange achieved a historic rise, on Wednesday, to break the 8,500 points barrier, supported by the rise in oil prices.

Oil prices are rising due to the Russian-Ukrainian war, reaching their highest levels since 2014.

The Kuwait Stock Exchange recorded the highest rise in its history due to the rocketing rise in oil prices.

The stock exchange started trading on Wednesday with the rise of all indices, as its general index recorded a new historical level after Kuwaiti oil reached $102.31, an increase of $4.18.

Crude prices also reached $111 due to the war in Europe, which raised major global concerns about energy supplies.

On Tuesday, the United States announced that it would release 30 million barrels of its own oil reserves.

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