Kuwait Oil Company to invest $6.1bn in exploration

Arab News: The Kuwait Oil Company plans to invest more than $6.1 billion in exploration over the next five years, and increase production to 4 million barrels per day by 2040,  according to an oil source who spoke to Aljarida.

The State-owned company plans to drill 700 wells per year over the coming period, an increase of approximately 300 wells, the source said.

The company had completed some 93 percent of the construction of the heavy oil plant project in the South Ratqa field, and in preparation for the operation of the field and full production, some 930 wells had been processed, he added.

The production of heavy oil had now reached about 60 thousand barrels per day, which it plans to export, he said.


Arab News.com Contribution Time: 14-Sep-2021 10:34 (GMT)
Arab News.com Last Update Time: 14-Sep-2021 10:34 (GMT)