State-owned Kuwait Oil Co. and Halliburton Co. signed a 181.4 million dinar ($597 million) contract to explore for oil off the coast of Kuwait.
The contract includes exploration and drilling operations for six rigs, KOC Chief Executive Officer Emad Sultan said in a press conference after signing the three-year agreement.
Kuwait Oil will use two rigs in the first stage of the project to drill six exploratory wells, he said.
The projects aim at increasing Kuwait's oil and free-gas production, he added, noting that his country has commenced a new era of production capabilities.
