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Oman’s Abraj Signs Oil Drilling and Extraction Deal with Chevron, Kuwait Gulf Oil Company

The deal will see Abraj build three drilling platforms in the Wafra oilfield in Kuwait. (Abraj)
The deal will see Abraj build three drilling platforms in the Wafra oilfield in Kuwait. (Abraj)
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Oman’s Abraj Signs Oil Drilling and Extraction Deal with Chevron, Kuwait Gulf Oil Company

The deal will see Abraj build three drilling platforms in the Wafra oilfield in Kuwait. (Abraj)
The deal will see Abraj build three drilling platforms in the Wafra oilfield in Kuwait. (Abraj)

Oman's Abraj Energy Services said on Saturday it had signed a five-year "strategic partnership deal" with Kuwait Gulf Oil Company and Saudi Arabian Chevron to extract and drill for oil in Kuwait.

The deal will see Abraj build three drilling platforms in the Wafra oilfield in Kuwait, the company said in a statement.

The deal comes "within the framework of strengthening (the company's) position and expanding its operations in … the Middle East and North Africa," it added.

This agreement leverages Abraj's competitive advantage of being a leading service provider in Oman with a depth of experience and expertise.

The collaboration envisages an opportunity to expand its portfolio of services, exchange experiences and adopt best practices in the field of drilling, sustainability and technology in the sector.

Remarking on the importance of this partnership, Saif Al Hamhami, Abraj Energy Services CEO, said: "We are pleased to announce our strategic partnership with Saudi Arabian Chevron and Kuwait Gulf Oil Company, emphasizing our commitment to expand our regional footprint in the Middle East and North Africa region."

"The company is pre-qualified to provide various services in Kuwait, Saudi Arabia and Algeria, where the company's advanced rigging fleet is linked to long-term contracts with leading national and international companies in the field of exploration and production."

He added: "Abraj Energy Services is uniquely poised for this opportunity as it owns the most modern and advanced drilling fleets in the Middle East and North Africa region. Consisting of 25 drilling rigs and five well maintenance rigs that operate with the latest technology, it offers a competitive advantage to its clients particularly in Saudi Arabia, Kuwait and Algeria."

In line with its growth strategy, Abraj Energy Services announced the listing of its shares on the Muscat Stock Exchange on February 23.

This was part of the exit plan announced by Oman Investment Authority to facilitate investment opportunities for local and foreign investors in tandem with the goals of Oman Vision 2040. This step aims to boost the participation of the private sector in various economic fields at the national level.

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Russia’s Inflation Reaches 9.5% This Year, Weekly Data Shows

Pedestrians walk to an underground passage at Manezhnaya Square decorated for Christmas and the New Year festivities with the Historical Museum and the Kremlin Wall in the background in Moscow, Russia, Monday, Dec. 23, 2024. (AP)
Pedestrians walk to an underground passage at Manezhnaya Square decorated for Christmas and the New Year festivities with the Historical Museum and the Kremlin Wall in the background in Moscow, Russia, Monday, Dec. 23, 2024. (AP)
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Russia’s Inflation Reaches 9.5% This Year, Weekly Data Shows

Pedestrians walk to an underground passage at Manezhnaya Square decorated for Christmas and the New Year festivities with the Historical Museum and the Kremlin Wall in the background in Moscow, Russia, Monday, Dec. 23, 2024. (AP)
Pedestrians walk to an underground passage at Manezhnaya Square decorated for Christmas and the New Year festivities with the Historical Museum and the Kremlin Wall in the background in Moscow, Russia, Monday, Dec. 23, 2024. (AP)

Russia's inflation has reached 9.5% this year, according to new weekly data showing that the consumer price index rose by 0.33% in the week leading up to Dec. 23, the statistical agency Rosstat reported on Wednesday.

This data follows the central bank's unexpected decision last week to maintain its key interest rate at 21%. The regulator said recent tightening has created conditions conducive to reducing inflation towards its target of 4%.

The agency indicated that seasonally volatile prices for fruit and vegetables contributed significantly to the overall increase, with cucumber prices rising by 8.3% and tomato prices by 1.9% in just one week.

Among less seasonally sensitive foods, the price of eggs increased by 1.7%, and frozen fish by 1.4%. The central bank had initially estimated this year's inflation at a maximum of 8.5%.

The central bank's monetary policy department's head Andrei Gangan told the Interfax news agency on Dec. 24 that full-year inflation will be between 9.6% and 9.8%.

Inflationary expectations among households for the coming year also reached 13.9% in December, the highest level since the beginning of the year.

In a report on its inflationary expectations survey, the central bank said respondents were most concerned about rising prices for milk, dairy products, eggs, meat, and fish.

It also said respondents have begun to notice increases in the prices of home appliances and electronic devices.