Al-Seyassah daily reported that the Kuwait oil company (KOC) is also in the process of executing its strategy in rationalizing expenditure, but also improving working processes.
The informed sources confirm that KOC is striving hard to gain more profits in the forthcoming years by this strategy, which would result in an increase in oil and gas production in the upcoming days. In an official document, it was explained that KOC is oriented towards making the work more efficient and managing the spending.
The company has initiated a number of cost streamlining projects and improvement of the processes of estimating capital expenditure on drilling projects, aiming to achieve a cost saving of about KD one billion in the next five years.
The results of these efforts are already in the form of better operational efficiency, strengthened competitiveness, shorter time of project execution times, and better service quality.
It is expected to save almost KD 430 million through review and enhancements of the designs of wells, including drilling pipes and other components, in all projects that involve drilling deep wells.
It is estimated that another KD 365 million in savings will be realized after five years, following the revision of the drilling costs of the new wells, according to the historical data and ideal average time in drilling.
In addition, an estimated savings of about KD 180 million is realized through cutting maintenance budget estimates, comparing them with actual spending, and maximizing the number of scheduled drilling days. This would add approximately KD 975 million to projected savings on top of the KD 208 million that KOC saved last year.
The Kuwait Petroleum Corporation (KPC) declared in the official gazette “Kuwait Al-Youm” that it had granted the tender to the Redwood interface evaluation and conversion services on the Oracle Cloud platform to Arab Computer Services Company (AIMS), which submitted the lowest bid and met all technical specifications and requirements, at a price of KD 51,800.
Therefore, KPC also announced the list of companies invited to take part in a limited tender to Kuwait Petroleum International (Q8) to provide 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 other party not listed in the list of companies invited to the tender may appeal against their exclusion or request to be given the tender with supporting documents to the tender.
The appeals shall be sent to the Chairman of the Higher Procurement Committee of KPC and its subsidiaries within 30 days of the publication of the announcement.
The Central Agency for Public Tenders (CAPT) declared the extension of the deadline for submitting bids on the tender of a KOC involving the repair and renovation of production facilities in the West Kuwait region. The new deadline is on January 25, despite January 4.
