In a press release despatched to Rigzone on Thursday, BP introduced that it and Kuwait Oil Firm have signed an extension of the Enhanced Technical Providers Settlement (ETSA) between the businesses.
The settlement “paves the best way for each corporations to collaboratively progress Kuwait’s most strategic asset fields”, BP famous within the assertion. BP added that the deal allows it to “carry experience in enhanced oil restoration to the Larger Burgan oil area and develop native capabilities with Kuwait Oil Firm to handle the event of South and East Kuwait fields via 50 secondment alternatives of BP’s technical specialists”.
Rigzone requested BP to reveal the deal’s worth. A BP spokesperson was unable to take action.
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The ETSA was initially signed in 2016 for a interval of 10 years, the assertion highlighted, including that it’s going to now prolong via to March 2029.
BP Government Vice President, Gasoline & Low Carbon Vitality, William Lin, famous within the assertion, “BP’s dedication to Kuwait dates again to our participation within the discovery of the Larger Burgan oil area within the Nineteen Thirties, and we admire the belief positioned in our experience in big oil and gasoline fields to proceed to assist develop this essential strategic asset”.
“That is one other instance of the deep relationships we’ve fashioned throughout governments, companions, and provide chains within the areas the place we function. We sit up for persevering with our sturdy collaboration with Kuwait and to working with KOC to assist assist the nation’s long-term vitality resilience,” he added.
BP notes on its web site that it was one of many founders of the unique Kuwait Oil Firm, which it highlighted first found oil at Burgan in 1938.
“Exportation of KOC started in 1946, through which the primary export of Kuwait crude was loaded on to the bp vessel ‘Fusilier’,” BP’s web site provides.
BP additionally states on its web site that it was the primary oil firm to be invited by the Kuwaiti Authorities to help within the redevelopment of Kuwait’s oil business in 1992.
“BP in Kuwait is dedicated to growing native capabilities and Kuwaiti expertise by bettering their technical and administration expertise,” BP says on its web site.
“Examples embrace sponsorship of coaching packages, programs in nation, teaching packages and visits provided to our companions’ staff to BP services worldwide. BP has a consultant workplace in Kuwait and is actively engaged with the federal government,” it provides.
In accordance with the Vitality Institute’s (EI) newest statistical assessment of world vitality, which was launched in 2025, Kuwait’s crude oil and condensate manufacturing averaged 2.411 million barrels per day in 2024. This represented 2.9 % of worldwide crude oil and condensate manufacturing in 2024, the assessment confirmed.
Kuwait’s 2024 manufacturing marked a 6.9 % yr on yr lower, in accordance with the assessment, which outlined that, from 2014 to 2024, Kuwait’s manufacturing dropped by a mean of 1.6 % yearly.
In a press release posted on its web site in February, BP introduced a “basically reset technique”. This technique will see BP develop its upstream oil and gasoline enterprise, focus its downstream enterprise, and make investments with rising self-discipline into the transition, the corporate famous in that assertion.
BP describes itself on its web site as an built-in vitality firm, including that it’s “considered one of just a few that may ship vitality at international scale via a decades-long vitality transition”.
“Our function is to ship vitality to the world, right this moment, and tomorrow,” BP states on its web site.
“We plan to develop the upstream, focus the downstream, and make investments with self-discipline in transition,” it provides.
To contact the creator, e mail andreas.exarheas@rigzone.com
