Kuwait's Gulf Oil Targets 350,000 Bpd by 2014-2015

Source: Reuters 5/7/2012, Location: Middle East

Kuwait Gulf Oil Co. (KGOC) is aiming to increase its oil output to 350,000 barrels a day (bpd) by 2014-2015 from 250,000 bpd now, the company's chairman told state-run news agency KUNA.

KGOC, a unit of Kuwait Petroleum Corp (KPC), is also aiming to boost the gas it extracts from oil fields to 500 million cubic feet by the same date, Hashem al-Rifaee said. The targets fit in with KPC's long-term goal to produce 4 million bpd by 2020. OPEC member Kuwait is pumping around 3 million bpd at present, close to its capacity.


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