Spetco signs oil contract in Kuwait
17 August 2022
Kuwait-based contractor Spetco International Petroleum Company has signed a contract worth KD53m ($172m) with state-owned upstream operator Kuwait Oil Company (KOC) to supply and install sucker rod pumps at oil fields, according to industry sources.
“The contract was signed by Spetco during a meeting with KOC,” says one source.
The contract is the biggest of three contracts that have been awarded by KOC for the supply and installation of sucker rod pumps.
Earlier in August, MEED reported that the three contracts were worth a total of $389m and had been awarded to three Kuwaiti contractors – Spetco, Contracting & Marine Services (CMS), and Fawares Petroleum Services Company.
The contracts were awarded using the mumarasa tendering system, which operates as a reverse auction with several rounds. Companies are required to lower their prices or keep the same price for each round, and all of the prices are revealed to the bidders after every round.
In this case, there were three rounds of bidding before the contracts were awarded.
Pump operation
The contract covers the supply, installation, operation and maintenance of the pumps. The Kuwait-based companies that won the contracts beat several international contracting companies based in the US.
Sucker rod pumps are also referred to as beam pumps. A sucker rod pump system is an artificial-lift pumping system that uses a surface power source to drive a downhole pump assembly.
A beam and crank assembly creates reciprocating motion in a sucker-rod string that connects to the downhole pump assembly. The pump contains a plunger and valve assembly to convert the reciprocating motion to vertical fluid movement.
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