Oil & Gas: Kuwait Awards Schlumberger $1.2B 5-Year Contract for Mutriba Field Expansion

[Para 1: The Lead] Kuwait Oil Company (KOC) has awarded Schlumberger (SLB) a $1.2 billion, five-year contract to advance the next phase of the Mutriba field development. The contract, announced today, February 3, 2026, marks a significant boost for Schlumberger in the Middle Eastern oil and gas sector, enhancing its role in the region's energy transition. [Para 2-3: Supporting details & Context] Under the terms of the agreement, Schlumberger will provide comprehensive reservoir management, drilling, and production services to optimize oil recovery and production efficiency at the Mutriba field. The contract is expected to increase oil production by 20% over the next five years, contributing to Kuwait's goal of maintaining its position as a leading oil producer. Financial figures and the contract's scope are critical for investors tracking the oil and gas industry's performance and Schlumberger's strategic growth.