Gulf Oil and Gas accountACCOUNT

Kuwait to Start Heavy Oil Production by 2018

Source: KUNA 12/7/2016, Location: Middle East

Share |
Heavy oil production will begin in the end of the year 2018 with roughly 10 to 15 thousand barrels per day at Ratqa refinery, Chief Executive Officer (CEO) of Kuwait Oil Company (KOC) Jamal Jaafar said.

Speaking to reporters on the sidelines of a conference and exhibition organized by the Association of Petroleum Engineers, Jaafar noted that the heavy oil production will gradually increase to 60 thousand barrels per day six months after production starts.

Moreover, he underscored that KOC remains diligent to bring its grand oil production plan of churning out 4 million barrels daily by the year 2020. Speaking on KOC's oil production capacity, he said it has the potential to reach 2.8 million barrels per day, which highly hinges on the needs of the oil market.

On traditional oil production, the KOC CEO noted that it has largely dwindled, which prompted oil companies to resort to unconventional forms of oil production, as he highlighted the potential of GCC nations to create a thriving heavy oil market.

The three-day conference and expo is patronized by Deputy Prime Minister, Finance Minister and Acting Oil Minister Anas Al-Saleh.

Heavy Oil News in Kuwait >>

Iraq >>  6/21/2017 - Strong oil demand in the first four months of 2017 has been observed in Iraq; all main petroleum product categories registered double-digit percentage...
Qatar >>  6/18/2017 - Qatargas, the World's Premier Liquefied Natural Gas Company, announced the signing of a new Sale and Purchase Agreement (SPA) with Shell. Under the te...

Oman >>  6/14/2017 - The Asian market weakened in May, pressured by the supply side amid expectations of increasing refinery runs following the end of peak maintenance se...
Qatar >>  6/14/2017 - Since Saudi Arabia, the United Arab Emirates, Bahrain and Egypt cut diplomatic ties with Qatar on Monday 5 June 2017, and moved to close off access to...

Kuwait >>  6/13/2017 - Petrofac has agreed a five-year relationship with Kuwait Oil Company (KOC) for the provision of specialist technical training and competency developme...
Saudi Arabia >>  6/13/2017 - McDermott International, Inc. recently celebrated a major milestone with the load-out and installation of the first jacket fully fabricated by the Com...

Related Categories: Coalbed Methane  General  Heavy Oil  Oil Sands  Oil Shale  Shale Gas  Tight Gas  Tight Oil 

Related Articles: Coalbed Methane  General  Heavy Oil  Oil Sands  Oil Shale  Shale Gas  Tight Gas  Tight Oil 


Kuwait Oil & Gas 1 >>  2 | 3 | 4 | 5 |

More News

 

Oil & Gas Companies in Kuwait >>


Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Privacy Policy.