Kuwait has announced that its oil production capacity has increased to 3.3mn bpd and would hit 3.5mn bpd in 2015
Nizar al-Adsani, chief executive of Kuwait Petroleum Corporation (KPC), said, “Kuwait has increased its production capacity to 3.3mn bpd and will reach 3.5mn bpd by 2015.”
Kuwait said that it is still optimistic of reaching a capacity of four million bpd in 2020, despite slow progress in developing new projects, Reuters reported.
However, Adsani added that the Organization of the Petroleum Exporting Countries (OPEC) member state needed more help from foreign countries to achieve that long-term target.
“There is an urgent need to seek the assistance of foreign companies given the technologies and expertise that will contribute to the rationalisation of the use of the natural reserves we have,” he said.
According to the KPC executive, Kuwait has also been evaluating bids for Heavy Oil Phase One project in the northern region, worth around US$1.2bn, to extract heavy oil of the country.
The company will also start a tender for a planned new oil refinery next month, according to Adsani. The Al Zour refinery, a major part of Kuwait’s economic development plan to upgrade its infrastructure, is expected to cost around US$14.18bn.
