Kuwait has revealed plans to start drilling for heavy oil so that the Arab state can produce up to 60,000 bpd by 2017, according to an official from the state-owned Kuwait Oil Company
Hosnia Hashem, deputy managing director for KOC, said, “The global market is now seeking heavy oil. We also have customers from India asking for heavy oil as soon as possible.
“Nearly 1,200 wells will be drilled to produce heavy oil.”
Hashem added that each well would be expected to cost between US$525,500 and US$1.05mn to build.
According to the company, the Organisation of the Petroleum Exporting Countries (OPEC) member already has a crude oil production capacity of three million bpd but wants to start drilling for the more viscous substance despite tougher extraction and processing.
“Heavy oil production capacity could reach 270,000 bpd by 2030 under the project, which is part of a long-term plan set out by KOC parent group Kuwait Petroleum Corporation,” she said.
Kuwait has three refineries and is planning a fourth under a US$105bn economic development plan announced in late 2010.
READ MORE...
