Kuwait Oil Company inked a KWD 12.3 bn lease agreement for marine berths + storage areas with KPA

The Kuwaiti Ports Authority inked a KWD 12.3 bn lease agreement with state-owned Kuwait Oil Company for two marine berths and storage areas in Shuaiba port,according to a statement. The contract has a three-year lifespan, with the possibility of renewal. The company is set to lease marine berths 4 and 20 at Shuaiba port, as well as 20k meters of storage for an offshore drilling project.

What offshore drilling project? The company will use the berths to cover logistics operations for the country’s first offshore drilling facility, where the Kuwaiti Oil Company planned to drill 16 exploration wells in 2H 2022, Kuwait Times reported earlier, citing Kuwait Oil Company’s CEO Khaled Al Otaib.