Oilfield services provider SLB (SLB) +1.4% in early trading Tuesday after saying it was awarded a five-year, $1.5B integrated contract from Kuwait Oil Company to design, develop, and manage production at the Mutriba field in Kuwait.
The contract covers deeper, technically demanding reservoirs characterized by high pressure, high temperature, and sour conditions, marking a more complex phase of field development, SLB (SLB) said.
SLB (SLB) said the contract advances work already underway and reflects a deepening of its longstanding partnership with Kuwait Oil Company as development progresses.
Last week, SLB (SLB) said it was awarded two five-year contracts by Petroleum Development Oman to supply wellheads and artificial lift technologies for work at Oman’s largest oil and gas concession.