Kuwait seeks to boost oil production, pushes on with Durra gas field

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Kuwait’s oil minister announced a new strategy to boost fossil fuel production on Monday and said his country would prepare the infrastructure for the Durra gas field, which it shares with Saudi Arabia and Iran claims a stake in.

The strategy for the state-owned Kuwait Petroleum Corporation (KPC) aims to raise overall oil production capacity to 4 million barrels a day (bpd) by 2035.

KPC subsidiary Kuwait Oil Company’s CEO Ahmed Jaber Al-Eidan said on Monday Kuwait’s production capacity was currently at 2.9 million bpd and would reach 3.2 million bpd by 2025 or 2026.

Kuwait’s crude production averaged about 2.55 million bpd in August, according to OPEC, of which Kuwait is a member.

Kuwait Petroleum Corporation changes strategy

Under KPC’s new strategy, subsidiary KOC aims to increase oil production capacity to 3.65 million bpd by 2035 and will ensure about $11 billion of additional revenue for the state in the next five years, KPC CEO Sheikh Nawaf Saud al-Sabah said on Monday.

KOC, which accounts for about 90 per cent of Kuwait’s oil output, also plans to reach gas production capacity of 1.5 trillion cubic feet per day by 2040, Al-Eidan said.

Kuwait’s oil reserves are estimated at 100 billion barrels, Sheikh Nawaf said.

KPC will spend $410bn through 2040 on the strategy, said Bader Al Attar, KPC managing director for planning and finance.

That will be financed from KPC’s cash flow, debt and partnerships with other companies, Al Attar said.

Oil Minister Saad Al Barrak also said the state firm aimed for net zero carbon emissions by 2050.

KPC and its subsidiaries plan to invest $110 billion – out of the $410bn – to achieve the group’s energy transition goals, Al Attar said.