May 24, 2015 |
In May 2013 the contract between AVA and KOC with a 24.6M KWD value was signed. As part of the contract, AVA was committed to put in place a 10,000 bbl LMP and warehouse. KOC was to supply the land that was allocated to AVA on December 15th of 2013 in Burgan located in S-E Kuwait. On January 16th 2014 the construction of the LMP/Warehouse started and it was completed on June 15th 2014. On June 30th 2014 KOC approved the LMP and on July 1st 2014 the contract officially began. Hence on July 1st 2014 AVA Kuwait operations started on the first rig/well BWD#141/MG-0308 in Magwa field located in SE Kuwait. Up until now we are operating in all three Kuwait areas including North Kuwait, West Kuwait and S-E Kuwait with 10 development/exploration rigs plus 4 WO rigs. Just starting off, AVA's market share in Kuwait is at 15 % to date.