SLB wins seven-year Kuwait Oil Company innovation contract

Kuwait Oil Company (KOC) has awarded SLB (NYSE: SLB) a seven-year contract under its Ahmadi Innovation Valley (AIV) initiative, according to a press release from SLB. The company claims to be the first contracted partner under the initiative.

Under the agreement, SLB will support applied research and technology programs across nearly 100 projects, covering artificial intelligence, industrial internet of things applications, production optimization, reservoir technologies, water management and energy transition initiatives.

SLB plans to establish a dedicated AIV facility in Kuwait, with construction expected to begin in 2026 and opening planned for 2028.

Ahmad Jaber Al-Eidan, chief executive officer of Kuwait Oil Company, said the initiative aims to accelerate technology deployment, strengthen local capabilities and expand knowledge transfer to support Kuwait's energy industry.

"The energy industry has no shortage of technology. The challenge is deploying it at scale and turning innovation into operational impact," said Olivier Le Peuch, chief executive officer of SLB.

The AIV initiative brings together industry, academia and technology providers to address upstream technical challenges. SLB said the contract builds on more than 85 years of collaboration between the two companies.

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