Desperate to stay on top, Kuwait pumps billions to raise oil production capacities
Kuwait is pumping billions of dollars into projects to expand its oil production capacity to four million barrels per day from three mbpd within a strategy to maintain its position as one of the world’s largest crude exporters, a Kuwaiti official has said.
The state Kuwaiti Oil Company (KOC) has already raised capacity to two million bpd after Iraqi forces were ejected out of the emirate in 1991 and to three million bpd at present, said Fawaz Hammadi, PR team leader at KOC.
In a lecture at the recent Adipec conference in Abu Dhabi published on Sunday, he said the company had chalked out a long-term strategy to reach four mbpd and maintain that level afterwards.
He said KOC, an affiliate of the Kuwait Petroleum Corporation, is also locked in a massive programme to develop its gas sector to raise output to one billion cubic feet per day in 2020 and three bcf per day in 2030.
He said KOC has completed projects to expand the capacity of its export terminals to 3.2 million bpd and that their quay handling capacity has risen to 1700 tankers a year.
“As for our oil producing wells, we now have 2157 wells, one of the highest numbers of producing wells in oil countries,” he said.
Kuwait, a key OPEC member, controls nearly 101 billion barrels of proven oil reserves at around three trillion cubic metres of natural gas.