Kuwait Petroleum Corporation Company which runs the OPEC country's hydrocarbons industry wants to increase its oil production capacity to 3 million bpd in coming years, company officials said last week during the inauguration of a 200,000 bpd oil Gathering Center GC 28, which is expected to begin operations next March.
The increase in oil production will be through the develop of five northern oil fields, under a project that would be carried out by an international consortium.
Northern oil fields under exploration have discovered crude oil with low gravity a source said, reported Bridge News.
Kuwait Oil Company announced on Tuesday that it has discover a 15,000 bpd light crude oil well. The well, discovered in the Sabriyah oilfield, has a production capacity of 15,000 barrels per day (bpd) of crude oil and about 40 million cubic feet per day of gas, the source said to Bridge News.
Kuwait Oil Company is the oil production and exploration arm of Kuwait Petroleum Corporation which runs the OPEC country's hydrocarbons industry. Kuwait is in the process of raising its oil output capacity to 2.5 million bpd from about 2.3 million bpd.
The Gulf Arab state will be producing under an output cap of 2.021 million bpd as of Thursday in line with OPEC's Jan. 17 production curtailment agreement, according to Bridge News.
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