KUWAIT: The strategic plan for Kuwait Oil Company (KOC) is to produce 3.150 million barrels of oil daily through the years 2015 and 2016, CEO Hashim Hashim said in a press statement yesterday. KOC’s near future plans also include developing a number of oil fields in areas all across the country, with the ultimate goal of producing no less than 3.650 million barrels of oil by 2020, representing KOC’s contribution to an overall national ambition to produce at least 4 million barrels of oil daily by that time, Hashim said on the sideline of the Global Oil and Gas Conference and Exhibition organized by KOC.
On Kuwait’s current oil production output, he said it ranged from 2.9 to 3 million barrels a day, noting that KOC was active in augmenting its oil reserves and discoveries of new wells, a number of which have recently been discovered in the north and west of Kuwait and are currently being developed for eventual use.
Regarding the company’s investments in energy projects for the next five years, he said it had earmarked KD 12 billion for that. The “Global Oil and Gas Conference and Exhibition” previously known as the Town Hall Meeting between KOC and energy contractors is an initiative started by KOC in 2009 in order to strengthen the business partnership with its contractors and subcontractors towards achieving excellence in performance in line with KOC’s strategic objectives.
This year, being the 7th anniversary year, the participation of KOC business partners is liable to enhance the level of the event’s objectives and achievements and should result in broader business relationships and knowledge base expansion. The conference and exhibition runs from March 3-5 and tackles oil and gas industries’ issues, including best means of extracting and producing oil and gas and methods of refining crude oil, among other considerations.
