Abu Dhabi: Kuwait plans to spend $56 billion in oil and natural gas expansion over the next five years, according to Sami Al Rushaid, chairman and managing director of Kuwait Oil Company.
Adipec News, a daily newsletter published during the ongoing Abu Dhabi Petroleum Exhibition and Conference in the capital quoted Al Rushaid as saying Kuwait intends to increase its oil production capacity to 3.65 million barrels per day (bpd) by 2020, up from the current figure of about 2 million bpd.
He said the production expansion is part of a broader plan to increase oil output to 4 million bpd by 2030 which is in response to Kuwait’s increasing power demands and maturing oil fields.
“This will require a huge increase in our production from primary and secondary sources. We aim to incorporate 750,000 bpd of this from new exploration,” said Al Rushaid. “Our growth needs reserves. We will need new reserves offshore.”
He said the growth in Kuwait’s oil production would come from both crude and heavy oil production, with enhanced oil recovery (EOR) expected to add an extra 180,000 bpd and heavy oil to increase by 220,000 bpd.
Al Rushaid said gas will also play an important role, with production of non-associated gas set to increase ten-fold to around 1.5 billion cubic feet by 2030.
He said Kuwait Oil Company will address ecological concerns while in its pursuit of increasing its oil and gas output.
“We need a close focus on safety and environment. Our record in reducing gas flaring is testimony to creating a better environment for the employees and the community of Kuwait. KOC has a very exciting journey ahead.”
