Kellton Tech forms JV with Kuwait’s Action Energy for GCC energy digitisation

Kellton Tech EU Limited, a wholly-owned subsidiary of Kellton Tech Solutions Limited, has entered into a joint venture with Kuwait's Action Energy Company K.S.C.P. (AEC) to offer digital and AI-based services to energy companies in the Gulf Cooperation Council (GCC) region.According to the terms of the JV, AEC will hold a 51% stake while Kellton Tech EU will hold the remaining 49%. The JV has an initial term of five years, which will be renewed for successive three-year periods. It will initially operate across GCC countries, with the venture planning to open an office in Doha, Qatar, as its first step outside Kuwait, ahead of a proposed expansion into Saudi Arabia, the UAE and Oman.The joint venture will operate in two segments. Oil and gas, where it will offer digital oilfield solutions including Kellton's Optima platform, and information technology, spanning enterprise software, cloud computing, cybersecurity, ERP implementation, systems integration and managed services.Optima is Kellton's digital oilfield platform for workflow automation, asset performance monitoring and real-time visibility for field operations. The company said the platform will be deployed in combination with AEC's operational experience and its existing relationship with Kuwait Oil Company (KOC).The venture aims to combine the Kellton’s technology capabilities with AEC's presence in the local market, in order to help energy companies in the region modernise their operations and improve efficiency.According to an AEC spokesperson, the addressable market for oil and gas digitalisation in the GCC is estimated at over $1 billion annually, and that the company aims to capture at least 5% of this market over time.Kellton Tech EU Limited has more than 2,000 employees across North America, Europe, the Middle East and Asia. AEC provides integrated upstream oilfield services in Kuwait, including drilling, workover and well-related services.Get the latest technology news and updates. Download the TOI App.