• 3 minutes UAE says four vessels subjected to 'sabotage' near Fujairah port
  • 6 minutes Why is Strait of Hormuz the World's Most Important Oil Artery
  • 8 minutes OPEC is no longer an Apex Predator
  • 12 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 2 hours Did Saudi Arabia pull a "Jussie Smollett" and fake an attack on themselves to justify indiscriminate bombing on Yemen city population ?
  • 2 hours Canada's Uncivil Oil War : 78% of Voters Cite *Energy* as the Top Issue
  • 32 mins California Threatens Ban on ICE Cars
  • 15 hours China Downplays Chances For Trade Talks While U.S. Plays ‘Little Tricks’
  • 20 hours Solar Industry Lays Claim To The 2020s; Kicks Off The Solar+ Decade
  • 20 hours "We cannot be relying on fossil fuels to burn as an energy source at all in our country" - Canadian NDP Political Leader
  • 2 days DUG Rockies: Plenty Of Promise, Despite The Politics
  • 1 day Iran v USA the perfect fire triangle
  • 1 day U.S. and Turkey
  • 18 hours Shell ‘to have commercial wind farms’ by early 2020s
  • 2 hours Global Warming Making The Rich Richer
  • 7 days How can Trump 'own' a trade war?
  • 2 days Dear journalists: say "climate crisis" not "climate change"
Saudi Arabia Strikes Back In Yemen

Saudi Arabia Strikes Back In Yemen

Saudi Arabia has launched an…

Kuwait Could Add 400,000 Bpd Heavy Oil Output By January 2020

Kuwait oil

Kuwait will start this year the first phase of a heavy oil field production, aiming to boost heavy crude output to 430,000 bpd from 60,000 bpd by January, the official Kuwait News Agency (KUNA) reports.

Heavy crude oil production from the first phase of an oil field in northern Kuwait, known as “Al-Ritqa” is forecast to hit 11,000 bpd in August this year, KUNA quoted Kuwait Oil Company (KOC) as saying.

The Al-Ritqa oil field project is aimed at boosting heavy crude oil production to 430,000 bpd from 60,000 bpd via multiple production phases by January, Fatama Al-Kanderi, who is responsible for project planning at KOC, said at a recent panel discussion organized by the Kuwaiti oil ministry.

Increasing heavy crude output in northern Kuwait is one of the pillars of the Kuwaiti 2040 oil production strategy, KUNA quoted Al-Kanderi as saying at the panel.

Nearly two years ago, Kuwait announced plans to increase its crude oil production capacity to 4.75 million bpd by 2040, compared to a current capacity of 3.15 million bpd.

In early 2018, the state-owned Kuwait Petroleum Corporation (KPC) said that it would spend around US$500 billion by 2040 to boost the Arab Gulf state’s oil production capacity. KPC’s chief executive officer Nizar al-Adsani said in January 2018 that KPC expected to spend US$114 billion over the following five years and another US$394 billion after the five-year period through 2040.

While Kuwait plans to boost its heavy crude oil output and production capacity in the future, it is currently cutting its oil production as part of the OPEC and allies’ deal to remove a total of 1.2 million bpd from the market between January and June, in a bid to rebalance the market.

Kuwait—like another Saudi ally, the United Arab Emirates (UAE)—is strictly adhering and even over-delivering in its production reduction under the OPEC+ deal. Kuwait’s crude oil output in March stood at 2.709 million bpd, according to OPEC’s secondary sources, compared to a 2.724-million-bpd cap under the deal.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News