Gulf Oil and Gas accountACCOUNT

Kuwait to Raise Oil Output Capacity to 4.75 mln bpd by 2040

Source: Times of India 2/21/2017, Location: Middle East

Share |
OPEC-member Kuwait plans to raise its oil production capacity to 4.75 million barrels per day (bpd) by 2040 as part of a strategy to expand its downstream investments, Kuwait state news agency reported a Kuwaiti oil official as saying.

Nabil Bouresli, the managing director of international marketing at Kuwait Petroleum Corp, said those investments included adding refining and petrochemical production in Kuwait and abroad.

Kuwait's current oil production capacity is around 3.15 million bpd, and it has long said it plans to raise this to 4 million bpd by 2020 and maintain this level to 2030.

The country has cut exports by 146,000 bpd, Bouresli said, as part of a deal between OPEC and non-OPEC producers to lower production to prop up prices.

It lowered exports by 4 million barrels in January and would reduce them by the same amount in February, he added. Eleven of the 13 members of the Organization of the Petroleum Exporting Countries are cutting crude output by about 1.2 million bpd from Jan. 1, while Russia leads 11 non-OPEC producers that have agreed to cut output by half that amount.

A ministerial committee meeting between OPEC and non-OPEC producers is scheduled in Kuwait for March 26. This will be the second meeting after ministers met in Vienna in January to monitor compliance to the agreed cuts.

Production News in Kuwait >>

Norway >>  8/18/2017 - Preliminary production figures for July 2017 show an average daily production of 2 000 000 barrels of oil, NGL and condensate, which is an increase of...
Nigeria >>  8/15/2017 - Protesters dragged the shutdown of a Shell crude oil facility in the Niger Delta into its fifth day, after storming the flow station demanding jobs an...

Australia >>  8/14/2017 - BP confirmed the start of production from another two of the seven Upstream major projects that it expects to come online in 2017. Five of these seven...
Iran >>  8/12/2017 - Bandar Abbas Gas Condensate Refinery, also known as Persian Gulf Star Refinery, is supplying nearly 10 million liters of Euro-4 gasoline on a daily ba...

United Arab Emirates >>  8/10/2017 - Abu Dhabi National Energy Company PJSC (TAQA), a leading global energy company headquartered in Abu Dhabi with operations in 11 countries, announced i...
Canada >>  8/8/2017 - CNOOC Limited has announced the Hangingstone project in Canada has already commenced production. The Hangingstone project, located in Alberta, Canada,...

Related Categories: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  Food Supplies  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Unskilled Labors  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 

Related Articles: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Transportation, 4X4 Trucks  Utility Systems  Water Supply Services  Welding Products/Services 


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.