• 3 minutes Don't sneeze. Coronavirus is a threat to oil markets and global economies
  • 5 minutes Boris Johnson taken decision about 5G Huawei ban by delay (fait accompli method)
  • 9 minutes This Battery Uses Up CO2 to Create Energy
  • 12 minutes Shale Oil Fiasco
  • 8 hours Historian Slams Greta. I Don't See Her in Beijing or Delhi.
  • 1 day We're freezing! Isn't it great? The carbon tax must be working!
  • 1 day US (provocations and tech containment) and Chinese ( restraint and long game) strategies in hegemony conflict
  • 4 hours Trump has changed into a World Leader
  • 5 hours Beijing Must Face Reality That Taiwan is Independent
  • 2 hours Let’s take a Historical walk around the Rig
  • 2 days Indonesia Stands Up to China. Will Japan Help?
  • 5 hours Tesla Will ‘Disappear’ Or ‘Lose 80%’ Of Its Value
  • 4 hours Yesterday POLEXIT started (Poles do not want to leave EU, but Poland made the decisive step towards becoming dictatorship, in breach of accession treaty)
  • 2 days Might be Time for NG Producers to Find New Career
  • 2 days Environmentalists demand oil and gas companies *IN THE USA AND CANADA* reduce emissions to address climate change
  • 3 days Anti-Macron Protesters Cut Power Lines, Oil Refineries Already Joined Transport Workers as France Anti-Macron Strikes Hit France Hard
China Virus Fears Send Oil Prices Even Lower

China Virus Fears Send Oil Prices Even Lower

Oil prices were down early…

Kuwait Plans Natural Gas Expansion Overseas

offshore rig

Another major OPEC producer wants to boost its natural gas business overseas as the international upstream unit of state-held Kuwait Petroleum Corporation (KPC) aims to significantly raise production from its assets in Canada and Australia, the acting CEO of Kuwait Foreign Petroleum Exploration Company (KUPFEC), Sheikh Nawaf Saud Al-Sabah, told Bloomberg in an interview published on Wednesday.

KUPFEC plans to raise production from Canada’s shale gas project Kaybob Duvernay from some 12,000 barrels of oil equivalent per day (boepd) currently to nearly 20,000 boepd by the end of 2019, Al-Sabah told Bloomberg, adding that production could rise to 60,000 boepd once the project is fully developed in the middle of the next decade.

In November last year, the operator of the Duvernay development, Chevron, signed agreements for additional midstream services to support the gas-processing and liquids-handling needs at the project. KUFPEC holds the remaining non-operated 30-percent interest in the project.

Another notable overseas asset of KUFPEC is a 13.4-percent stake in the Wheatstone LNG Project in Australia.

Earlier this year, KUPFEC won exploration rights to more blocks in Australia and aims to boost the current 40,000 boepd production and produce more gas for liquefied natural gas (LNG) exports, Al-Sabah told Bloomberg.

Kuwait, like Saudi Arabia, is embarking on a natural gas push overseas as it is restricting its oil production as part of the OPEC+ oil cuts deal.

Kuwait, however, has ambitious targets to increase its domestic oil production capacity in the long run. Kuwait plans to raise its crude oil production capacity to 4.75 million bpd by 2040, up from 3.15 million bpd, while more immediate plans are to raise its capacity to 4 million bpd by 2020.

OPEC’s largest producer Saudi Arabia is also cutting oil production as part of the deal and it also aims to grow its natural gas business. Saudi Aramco is in talks with many partners for a potential joint venture or partnership, in order to grow its international gas position, Saudi Aramco’s chief executive Amin Nasser said in April.

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
Download on the App Store Get it on Google Play