Board Director of Kuwait Drilling Fluids and Oil Services Company Abdulaziz Al-Arradi said Monday that the company occupies 60 percent of the Kuwaiti market through joint projects with Kuwait Oil Company (KOC). At a press conference, Al-Arradi said that the company, since its establishing in 1966, has continuous contracts to provide KOC with necessary drilling fluids and supplies.
He added that the company will renew its contract with KOC, which will end this year, noting that the contract is valid for four years and worth KD 32 million.The fluids provided by the company facilitate drilling operations and reduce drilling's negative environmental effects.The Kuwaiti Drilling Fluids and Oil Services Company is a private firm with a 51 percent ownership by Kuwaiti investors and 49 percent ownership by the American company M-I SWACO.
The company owns two factories in Shuaiba industrial area, where it manufactures drilling fluids based on latest technologies provided by M-I SWACO.Director General of the company Majid Al-Qassim said that the company's production of drilling fluids is estimated at 40,000 tons annually, which covers KOC's needs for drilling operations, while the total production capacity of its factories is estimated at 70,000 tons.
He noted that Kuwait was the first company to establish such factory in the gulf 40 years ago, noting that there are only three other factories in the gulf region, two in Saudi Arabia and one in United Arab Emirates.The officials also touched on a new partnership between the drilling company and M-I SWACO to establish environmental oil services, especially with the increasing needs for preserving the environment.