Abraaj Energy Company is preparing to discover oil from Kuwait
Abraaj Company signed a new strategic partnership agreement with the Kuwait National Oil Company, the Kuwait Gulf Oil Company and the Saudi Chevron Chemical Company in the Kingdom of Saudi Arabia.
Shrouq
Oman's Abraaj Energy Oil and Gas Exploration Services Company is preparing for oil exploration in Kuwait.
New partnership agreement
Abraaj Company signed a new strategic partnership agreement with the Kuwait National Oil Company, the Kuwait Gulf Oil Company and the Saudi Chevron Chemical Company in the Kingdom of Saudi Arabia.
Oil extraction methods
Under the terms of the agreement - which will cover a period of five years - Abraaj Energy will look into ways to extract and explore for oil in the neighboring country.
The agreement will also see Abraaj Energy construct three drilling and services rigs at the Wafra field project in Kuwait.
This strategic cooperation comes within the framework of Abraaj Energy's goal of strengthening the partnership and expanding its operations in the Middle East and North Africa region.
Last month, the oil and gas exploration services company announced plans to list up to 49 percent of its shares on the Muscat Stock Exchange in March through an initial public offering.
The Oman Investment Authority said the initial public offering is part of the exit plan recently announced by the sovereign wealth fund, the Oman Investment Authority.
State energy company OQ, the selling shareholder, is wholly owned by OIA, which expects to exit eight investments in 2023 to generate about $1.3 billion.
Abraaj Company
Abraaj is a diversified oil and gas services company and is the largest drilling contractor in Oman, with a market share of approximately 30 percent.
The company is qualified to provide a range of services, paving the way for growth-oriented international expansion.
$244 million from an initial public offering for exploration
Earlier this month, OQ announced its plan to raise up to $244 million from an initial public offering of its oil and gas exploration business, Abraaj Energy Services, according to a statement.
Established in 2006, Abraaj Energy is a wholly owned subsidiary of OQ, the integrated energy company in Oman.
and has grown to become the leading drilling company in the Sultanate of Oman, with one of the youngest and most advanced drilling fleets in the GCC.
