Kuwait Plans Oil, Gas Production Hike by 2030

Source: KUNA 3/12/2013, Location: Middle East

Kuwait Oil Company (KOC) plans to increase oil and gas production by 750,000 barrels per day (bpd) and 1.5 billion cubic feet respectively by the year 2030, KOC Chairman of board Sami Al-Rushaid said.

State-owned KOC seeks to achieve this "strategic" objective through exploration of possible oil and gas wells in Kuwait, Al-Rushaid, also Managing Director, told KUNA on sidelines of the Middle East Oil and Gas Show and Conference (MEOS 2013). He said there were positive indications for extra oil and gas production in Kuwait particularly in the past two years.

Al-Rushaid said gas discoveries in 2005 and 2006 showed a reserve of 35 trillion cubic feet which could pave the way for an output of a billion cubic feet per day by 2020. The KOC chief anticipated new gas discoveries to produce 1.5 billion cubic feet to reach a tally of 2.5 billion by 2030.

On oil markets, Al-Rushaid said global consumption was 88 million bpd amidst projection that it would jump to 105 million bpd by 2035. Al-Rushaid said recovery of global economy would contribute to more oil and gas demand.

"Oil and gas are major commodities which cannot be abondoned by factories and economic movement," he said. He added that nuclear energy started to compete against oil and gas, but the nuclear disaster that occurred in Japan raise fears over it. Al-Rushaid also noted that solar and wind energies were largely used in the past years "but that will not affect oil and gas demands until 2035." He also expected oil prices to remain in the USD 100 level with a 10-percent plus and minus margin.


Australia >>  8/12/2022 - Jadestone Energy plc (“Jadestone”, or the “Company”) an independent oil and gas production company focused on the Asia-Pacific region, provides the fo...
Nigeria >>  8/12/2022 - ADM Energy PLC, a natural resources investing company, is pleased to announce the completion of the 17th Lifting ("Lifting") at the Aje Field, part of...

Brazil >>  8/11/2022 - Alvopetro Energy Ltd. announces operating and financial results for the second quarter of 2022 including record funds flow from operations of $12.4 mi...
Iraq >>  8/11/2022 - Genel Energy notes that DNO, as operator of the Tawke PSC (Genel 25% working interest), has issued an update on licence activity

Gross prod...


Colombia >>  8/8/2022 - - Average Total Production of 30,607 BOPD, Highest since Fourth Quarter 2019
- Total Average Production Up 4% from First Quarter 2022 and 33% fr...

Ghana >>  8/8/2022 - Kosmos Energy Ltd. announced its financial and operating results for the second quarter of 2022. For the quarter, the Company generated a net income o...

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  Skilled Labors  Transportation, 4X4 Trucks  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 


Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.