KUWAIT CITY, Dec 30: Kuwait Oil Company (KOC) is continuing to implement its strategy aimed at rationalizing spending while enhancing work processes, reports Al-Seyassah daily. According to informed sources, KOC is working diligently to increase profits in the coming years through this strategy, which is expected to boost oil and gas production in the near future. It was explained in an official document that KOC is focused on improving work efficiency and controlling expenditures. The company has launched several initiatives to streamline costs and refine methods for estimating capital expenses for drilling projects, with the goal of saving approximately KD one billion over the next five years.
These efforts have already led to improved operational efficiency, increased competitiveness, reduced project execution times, and enhanced service quality. Savings of nearly KD 430 million are anticipated by reviewing and improving well designs, including drilling pipes and other components, for all deep well drilling projects. An additional KD 365 million in savings is projected over the next five years after revising drilling cost estimates for new wells based on historical data and the best average drilling durations.
Furthermore, savings of approximately KD 180 million is estimated by reducing maintenance budget projections, comparing them to actual costs, and optimizing the number of scheduled drilling days. This would bring total projected savings to around KD 975 million, in addition to the KD 208 million already saved by KOC last year. Meanwhile, Kuwait Petroleum Corporation (KPC) announced in the official gazette “Kuwait Al-Youm” that it had awarded the tender for Redwood interface evaluation and conversion services on the Oracle Cloud platform to Arab Computer Services Company (AIMS), which had submitted the lowest bid and met all technical specifications and requirements, at a price of KD 51,800. KPC also announced the list of companies invited to participate in a limited tender for Kuwait Petroleum International (Q8) for the provision of catering and canteen services.
The tender will be issued to the 15 invited companies 30 days after the advertisement’s publication in the official gazette “Kuwait Al-Youm”. Any party whose name does not appear on the list of companies invited to participate in the tender has the right to appeal their exclusion or submit a request to participate, accompanied by supporting documents. Appeals must be submitted to the Chairman of the Higher Procurement Committee for KPC and its subsidiaries within 30 days of the announcement’s publication. The Central Agency for Public Tenders (CAPT) announced the postponement of the deadline for submitting bids for a KOC’s tender related to repair and renovation services for production facilities in the West Kuwait area. The new deadline is January 25, instead of January 4.
By Najeh Bilal Al-Seyassah/Arab Times Staff
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