On February 18, 2021, Petrochemical Oil Services issued an announcement that the company’s subsidiary International Petroleum Engineering Company won the bid for Kuwait National Petroleum Corporation’s 10 workover rig service project contracts. The contract period is 5+1 years. The newly signed contract is estimated to be USD 360 million. It will provide strong support for Kuwait's crude oil production and further consolidate Sinopec's position as a drilling contractor on the largest continent in Kuwait.

Kuwait Petroleum Development Strategy Target

The Kuwaiti government has set a strategic goal of 4.7 million barrels of oil per day in 2030. Petrochemical Oil Services provides strong support for Kuwait to achieve the strategic goal. In 2019, the Kuwait National Petroleum Corporation urgently needs to increase crude oil production through workover business. Petrochemical Oil Services took up this challenge and realized that all 11 workover rigs were started in advance through sophisticated organization, and drilling was started 438 days ahead of schedule, helping Kuwait to achieve The rapid production of crude oil has been praised by the Kuwait National Petroleum Corporation as the "Chinese speed" of drilling rig startup. In 2020, the company's employees in Kuwait will actively communicate with Party A while conscientiously doing a good job in the prevention and control of the epidemic. After multiple rounds of negotiations, the contract for the next year is confirmed.

The president of Kuwait National Petroleum Corporation stated during a site inspection of Sinopec's SP-158 drilling team that Sinopec has made positive contributions to the Kuwait crude oil production increase strategy, played a leading role in drilling contractors, and provided a strong guarantee for China-Kuwait cooperation.

Sinopec is helping Kuwait's petroleum industry, which will bring closer cooperation between the two countries. China will import a large amount of Kuwait crude oil, develop the petrochemical industry, ensure China's petroleum demand, and stabilize petroleum prices.Editor/Xing Wentao