Kuwait’s KOC Plans Tender For Heavy Oil Facilities Gas Production To Reach 3 Billion Cubic Feet By 2030: Official KUWAIT CITY, Oct 8, (Agencies): A unit of state-owned Kuwait Oil Company (KOC) will launch a tender later this year for the construction of facilities to produce heavy oil at a cost of up to KD 1.2 billion ($4.2 billion), its chief executive said. KOC, a division of Kuwait Petroleum Corp, also plans to drill 260 wells in the Gulf Arab state during the 2013/2014 fiscal year at a cost of KD 600-700 million, KOC CEO Hashem Hashem said. This is part of efforts to meet Kuwait’s target of producing 4 million barrels of oil a day by 2020, he told reporters on the sidelines of an oil conference late on Monday. OPEC member Kuwait currently produces around 3 million barrels of oil a day and exports around two-thirds. KOC said last month it expects to produce far less heavy crude from the Ratqa field and less light oil from the Jurassic field by 2020 than originally hoped and did not answer questions about whether it would reach its 2020 production target. Non associated gas production in Kuwait will gradually increase to three billion cubic feet by 2030, an official said Monday. Hashem Hashem, executive director of the Oil and Gas Show and Conference, said Kuwait Oil Company’s (KOC) 2030 strategy aimed at achieving objectives of energy production as well as seeking alternative energy resources. Hashem, also KOC’s executive president, addressed attendees at the show and conference, said the strategy would be accomplished through development of employees, commitment, profitability coupled with honoring environment safety criteria. KOC’s production increased by 300,000 bpd which exceeded its 2010 projections, said Hashem, thus boosting confidence that the company was capable of producing four million bpd by 2020 but in collaboration with Kuwait Gulf oil company. Hashem said non associated gas production would also increase to a billion cubic feet at initial phase and then to three billion by 2030. “Our vision aims at developing our gas resources because it is a national demand designed to meet our growing energy needs,” he said. For her part, Husniya Hashem, Chair of the conference’s technical committee, said the conference was discussing Kuwait’s major industry which was contributing to 93 percent of revenues and 40 percent of GDP. Hashem, deputy managing director of Kuwait Foreign Petroleum Exploration Company (KUFPEC), said around 1,200 specialists were taking part in the conference. via Arab Times
Posted on: Mon, 18 Nov 2013 12:00:00 +0000