Promising Petroleum and Gas Discoveries in Kuwait

Source: KUNA 12/21/2013, Location: Middle East

Kuwait has promising petroleum and gas discoveries that will increase its production and reserves according to the strategy of Kuwait Petroleum Corporation (KPC) 2030, said Kuwait's Deputy Prime Minister and Minister of Oil Mustafa Al-Shimali.

Kuwait aims to reach four million barrel of daily production by 2020, the Minister told Kuwait News Agency (KUNA) on sidelines of the 91st meeting of the Organization of Arab Petroleum Exporting Countries (OAPEC)'s Council of Ministers.

The discoveries which will be announced later require investments' support, he said, adding that the petroleum sector is putting huge efforts to fulfill the country's gas needs by local production, since it is a pure source of fuel to be used for power stations and other purposes.

Kuwait is heading towards using clean fuel and replacing regular gasoline with gas for cars and fuel stations to reduce the emission of carbon which affects humans and the environment, said Al-Shimali. The minister noted that Kuwait also aims to provide a suitable price for both oil producers and importers, adding that USD 100-110 is considered the best price for an oil barrel. Kuwait is cooperating with other oil producing and exporting countries to maintain prices which are mainly affected by supply and demand in the oil market.

The organization's meeting discussed cooperation between member countries to achieve their goals, study the oil markets, current and future prices, and production, said the minister. Al-Shimali praised the organization's role in sharing views between member countries, and communicating with other oil producing and importing. Moreover, he said OAPEC provides the members with the latest statistics regarding Arab and international developments in oil and gas production.

The minister congratulated Qatar for the occasion of the National Day, also praising the warm greeting the Kuwaiti delegation received. Al-Shimali had arrived in Qatar yesterday accompanied by Assistant Undersecretary of administrative and financial affairs in the Ministry of Oil, and Kuwait's Representative in OEAPEC's Executive Bureau Sheikh Talal Al-Nasser Al-Athbi Al-Sabah, Chairman of the Board of petroleum media and public relations department Anwar Al-Khaldi, and Chairman of the president's office affairs in KPC Nawaf Al-Daihani.


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