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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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World Bank Raises China's GDP Forecast for 2024, 2025

World Bank Raises China's GDP Forecast for 2024, 2025
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World Bank Raises China's GDP Forecast for 2024, 2025

World Bank Raises China's GDP Forecast for 2024, 2025

The World Bank raised on Thursday its forecast for China's economic growth in 2024 and 2025, but warned that subdued household and business confidence, along with headwinds in the property sector, would keep weighing it down next year.
The world's second-biggest economy has struggled this year, mainly due to a property crisis and tepid domestic demand. An expected hike in US tariffs on its goods when US President-elect Donald Trump takes office in January may also hit growth.
"Addressing challenges in the property sector, strengthening social safety nets, and improving local government finances will be essential to unlocking a sustained recovery," Mara Warwick, the World Bank's country director for China, said.
"It is important to balance short-term support to growth with long-term structural reforms," she added in a statement.
Thanks to the effect of recent policy easing and near-term export strength, the World Bank sees China's gross domestic product growth at 4.9% this year, up from its June forecast of 4.8%.
Beijing set a growth target of "around 5%" this year, a goal it says it is confident of achieving.
Although growth for 2025 is also expected to fall to 4.5%, that is still higher than the World Bank's earlier forecast of 4.1%.
Slower household income growth and the negative wealth effect from lower home prices are expected to weigh on consumption into 2025, the Bank added.
To revive growth, Chinese authorities have agreed to issue a record 3 trillion yuan ($411 billion) in special treasury bonds next year, Reuters reported this week.
The figures will not be officially unveiled until the annual meeting of China's parliament, the National People's Congress, in March 2025, and could still change before then.
While the housing regulator will continue efforts to stem further declines in China's real estate market next year, the World Bank said a turnaround in the sector was not anticipated until late 2025.
China's middle class has expanded significantly since the 2010s, encompassing 32% of the population in 2021, but World Bank estimates suggest about 55% remain "economically insecure", underscoring the need to generate opportunities.