Ahmad M. Al-Ajlan, CEO, and Ivan Chikunov, General Manager – Services & Tendering of Action Energy Company (AEC), talk to The Energy Year about expanding the company’s rig fleet and oilfield services capabilities, the role of digitalisation in improving operational performance and its plans for offshore and regional growth.
Kuwait and Qatar – two of the Persian Gulf’s smaller oil producers – are sending more crude through the Strait of Hormuz, adding to an increase in shipments that are keeping global prices in check.
Petroleum Minister Ali Pervaiz Malik on Sunday said plans were underway to launch a scheme with Saudi Arabia, Kuwait and Qatar for oil storage to strengthen energy security.
Kuwait produced 1.971 million barrels of crude oil daily in July, Reuters has reported, citing unnamed sources. That was up from 1.65 million barrels daily in June, the report noted, which in turn was up from just 580,000 barrels daily in May.
Halliburton has been awarded a multi-year agreement by Kuwait Oil Company (KOC) to support development of the Ahmadi Innovation Valley (AIV), a research and development center designed to accelerate technology innovation across Kuwait’s upstream oil and gas sector.
Seven OPEC+ members have agreed to increase collective oil production by 188,000 bpd in August, continuing the gradual rollback of voluntary production cuts while reaffirming their commitment to maintaining market stability.
Kuwait will consider increasing oil storage abroad to boost its ability to supply global markets after the war in the Persian Gulf blocked flows through the Strait of Hormuz, according to the head of the state energy company’s marketing arm.
Kuwait declared force majeure on shipments of crude oil and refined products as the blockade of the Strait of Hormuz makes it impossible to meet obligations to customers that can’t bring vessels into the Persian Gulf.
Alaeddine Karim, Microsoft’s country general manager in Kuwait, talks to The Energy Year about deploying a regional data centre and AI cluster in Kuwait and the company’s partnership with the Kuwaiti government for digital transformation. Microsoft creates platforms and tools powered by AI to deliver innovative solutions.
The contract is for the construction, operation and management of the facility, which will be located in West Kuwait and treat approximately 3.4 mcm (120 mcf) per day of sour gas. The construction project has a completion timeline of 790 days and includes a five-year operations and maintenance engagement.