SPETCO International Petroleum Company has taken its many years of success in the oil & gas sector to cement its unparalleled position ahead of the competition, taking on new and exciting projects looking into next year and beyond.
INTRODUCTION
SPETCO International Petroleum Company has more than 35 years of experience working exclusively in Kuwait, providing pioneering and world-class solutions and services to the region.
The last time Europe & Middle East Outlook spoke to SPETCO, the family-owned business discussed its proud reputation as a revolutionary in Kuwait’s oil & gas industry and its portfolio of major projects.
With the Company’s unparalleled success in the region, it is no surprise that moving forward SPETCO seeks to become a leading solutions provider to the Middle East and North Africa (MENA) region. Of course the market will become more difficult with this expansion, as SPETCO will have to compete and work in conjunction with national and international companies.
“We have specifically focused our work on performing various upstream oil field services, custom design and the construction and operations of fast-track oil & gas production facility projects,” explains Tariq Qaddumi, Deputy General Manager at SPETCO International Petroleum Company. “Through all our projects we remain committed to offering our customers the highest quality of specialised solutions in order to allow improved production and accelerating our customers’ return on their investment.”
ONGOING PROJECT SUCCESS
This time last year SPETCO was particularly excited about its ongoing work on the North Kuwait Jurassic Production Facility Project for the Kuwait Jurassic Production Facility project for the Kuwait Oil Company.
“We can proudly say that almost all of our goals for 2016 were realised,” continues Qaddumi. “One of the highlights for the year was most definitely being awarded the KOC contract for the Jurassic Production Facility.”
Additionally the Company has also achieved all of its targets when it comes to existing and ongoing contracts and projects, one of the main successes being its Sucker Rod Pumping Systems Contract in KOC where SRP systems for an additional 250 wells have been added to SPETCO’s existing contract of 198 wells.
Moving forward it has been very important for the Company to set new goals to achieve in 2017, some of which surround projects and expansion into new markets.
Qaddumi states: “We set out two main goals at the beginning of the year; one for the successful completion and commissioning of phase one of our JPF contract; and the other to obtain the award of a contract for the upgrade of its existing gas sweetening facility located in West Kuwait.”
The Company is well positioned to achieve these goals as a total solutions provider to the oil & gas sector and its proven ability to resolve complex issues across the value chain, be that from upstream to mainstream productions and processes. Some of these processes include artificial lift systems, well testing, well diagnostics, production facilities and power generation projects.
“We are particularly proud of the team we have developed, full of experienced professionals that provide us with a wide variety of design, process, fabrication and operational skills,” explains Qaddumi. “Our world-class technical expertise, alongside the array of resources at the Company’s fingertips and has powered SPETCO forward to the top of the industry for many years.”
ENHANCING PROCESSES
In the past year since EME Outlook last spoke to SPETCO, the Company has reached an overall revenue growth of more than 30 percent and the number of employees in comparison to last year has increased by 15 percent.
Qaddumi adds: “We have also grown dramatically in terms of geographical footprints, with established branches that are located in Abu Dhabi and Erbil in Kurdistan.
“I would say that we would rate ourselves as one of the top few companies in Kuwait that provide such a wide range of services for the oil & gas sector, and in order to achieve that we have acquired substantial technology upgrades.”
Many of the Company’s new systems have been implemented to fully enhance the internal processes within SPETCO, as well as to increase efficiencies throughout projects. One of the most prominent of these systems would be the latest version of the ERP system implemented.
Moving forward this year the Company has focused its investments on the successful completion of Phase One of its JPF project, culminating in being awarded the contract for the upgrade of its existing gas sweetening facility in West Kuwait.
“We see the aforementioned project as one of our great success stories so far this year,” affirms Qaddumi. “Due to the drop in oil prices we are currently seeing, a lot of countries in the region have been shelving and postponing projects within the region.”
The Company is one of the few that has been able to continue against adversity, and it now has plans to increase production while pushing ahead with all scheduled projects. Consequently, the outlook for the remainder of this year is looking very positive for SPETCO and its projects.
PROJECT COMPLEXITY
In order to maintain the stable running of the Company, SPETCO has made a concerted effort to retain its key personnel. Regular training is provided for each member of staff to aid them in both their skills and career development.
“In addition to this, based on our requirements, we keep hiring skills as and when they’re called for,” continues Qaddumi. “For this situation we have working relationships with international manpower sourcing companies.”
Alongside providing training to its staff, charity work has also become an integral part of the Company. For both the management and staff at SPETCO it has become a united objective to take up a charity project and become a part of it.
“During the past few years we have made it a company-wide focus to support numerous noble causes, including the Cancer Awareness Campaign, Autism Children and Drugfree World to name a few,” Qaddumi adds. “SPETCO is working hard to use its innovative nature to make massive improvements to these charities.”
The Company’s innovative approach to problem solving is one of its strengths at an international level, with numerous complex projects and solutions that stand as a testimony to SPETCO’s significant contribution to the growth of its clients and the charities it supports.
“Our commitment to excellence has led to a wealth of pioneering achievements, many of which have led to historical firsts and stand as milestones in our industry,” concludes Qaddumi. “Moving forward we hope to be successful when it comes to obtaining a wide variety of contracts and projects, aiming to enhance our reputation and standing as one of the best oil & gas services companies in the region.”
