Kuwait’s production of light crude currently stands at 180,000 barrels a day, according to director of production operations and gas projects at the Kuwait Oil Company (KOC), Ali Al-Kandari, reports Al- Rai daily.
He said the estimated cost of extracting one barrel of oil is between 950 fils and one dinar. “Within three years, Kuwait will produce 850 million cubic feet of gas and 250,000 barrels of light crude,” Al-Kandari said during a panel discussion organized by the Petroleum Information and Public Relations Department at the Ministry of Oil.
He added the state “aims to reach one billion cubic feet of gas and 300,000 barrels of light crude by 2023,” pointing out that the target oil production in that year will be about 3.65 million barrels per day. Al-Kandari said that the price of selling light crude oil is $2 to $3, compared to the conventional crude price, and is expected to rise to $8 in the future.
He said that the most important challenges facing the KOC are to achieve the set goals and the need for a large number of drilling platforms in preparation for future projects.
These projects are currently under bidding with the Central Tenders Committee (CTC) and that each facility will produce 160 million cubic feet of gas and 50,000 barrels of light crude.
He added that after the discovery of the Jurassic reservoirs in the fields of northern Kuwait (Rawdatain, Sabriya, Zubi, Amna and Bahra), four Jurassic plants for the production of light crude and non-associated gas have been established – the EPF 50, operated in 2008 and JPF Sabriya, operated by 2017, JPF East, Rawdatain, 2018 and JPF West Rodeithain, operated in 2018, with a production capacity of 180,000 barrels of light crude.
He pointed out the KOC has an ambitious plan to establish two units for Jurassic gas in future which will produce 160 million cubic feet each, to reach one billion cubic feet per day as production capacity for free gas.
© 2019 Arab Times Kuwait English Daily. All Rights Reserved.