15/10/2023 by greg
The oil minister of Kuwait has announced the country’s new strategy for increasing its production of fossil fuels.
This will include getting the infrastructure ready for developing the Durra gas field that is shared between it and neighbouring Saudi Arabia.
Durra is thought to contain proven gas reserves amounting to 20 trillion cubic feet, but Iran has also claimed that it has stakes in it.
By 2035, the Kuwait Petroleum Corporation (KPC) projects to have the capacity to pump 4 million bpd (barrels per day) of oil. According to Ahmed Jaber Al-Eidan, the CEO of KPC-owned Kuwait Oil Company (KOC), the country currently has a production capacity of 2.9 million bpd, while according to OPEC data, the country’s August production averaged 2.55 million bpd. Production capacity is expected to increase to 3.2 million bpd within two or three years.
KOC produces about 90% of the oil in the country, and the increased production should mean an extra $11 billion for the country’s government over the next half decade. Kuwait has an estimated 100 billion barrels in oil reserves, and KPC says it will invest $300 billion between now and 2040 in realising its strategy to exploit it, with a further $110 billion being earmarked for projects related to its energy transition ambitions.
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