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FILE PHOTO: The company logo is seen at a Shell petrol station in south London January 31, 2008. REUTERS/Toby Melville. Image used for illustrative purpose.
State-owned Kuwait Oil Company (KOC) and Shell have signed the extension of the three Enhanced Technical Services Agreements (ETSAs) between them.
The ETSA agreements cover technical services to be performed by Shell to assist KOC in its production plans for the Northern and Western fields, and gas development.
The agreements were signed on Monday by Fahad Al-Kharqawi, Acting CEO and Deputy CEO for Project Management and Engineering at KOC, and Anwar Almutlaq, Kuwait Vice President and Country Chair at Shell.
The extension of the ETSAs, originally signed in 2016 and were valid for 10 years each, extend the services through 2029 respectively.
The strategic extension of this collaboration is aligned with KPC’s long-term objectives to boost production capacity to 4 million barrels per day of crude oil and 2 billion cubic feet per day of gas by 2040, while maintaining a resilient and sustainable energy sector, KOC said in a statement.
“It will leverage KOC and Shell's joint dedication to driving innovation and excellence in Kuwait’s oil and gas industry. Shell will deploy advanced technological capabilities and expertise, ensuring the implementation of innovative solutions to enhance oil production and operational efficiency in Kuwait's Northern oil fields.”
KPC CEO Shaikh Nawaf stated: “These collaborations are essential to unlock value, optimise our resources and demonstrate our commitment to finding innovative solutions by working with leading players in the global oil and gas industry."
(Writing by Nadim Kawach; Editing by Anoop Menon)
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