Oilfield services provider SLB has announced that it has secured a $1.5 billion contract from Kuwait Oil Company for the development of the Mutriba field in the country, reported Reuters.
Under the five-year contract, the company will be responsible for the design, development and production management at the field.
SLB said the contract builds on its existing subsurface knowledge of the Mutriba field and will cover the development of deeper high-pressure, high temperature reservoirs with sour conditions.
Oil producers in the Middle East, Africa and Asia are seeking to boost inventories, which is driving exploration and drilling activity in the region, and with it demand for oilfield services.
In December, SLB received a five-year contract to supply Saudi Aramco for the energy giant's unconventional gas fields.
