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KOCís Increase in Natural Gas, Oil Contributes to Meeting Needs

Source: KUNA 9/19/2018, Location: Middle East

Increasing free natural gas and light oil by Kuwait Oil Company (KOC) will help contribute to meeting the countryís pressing need of gas and reaching new global commercial markets, said Minister of Oil and Minister of Electricity and Water Bakheet Al-Rasheedi.

The success of KOC to produce 500 million cubic feet of Jurassic free natural gas and 175,000 barrels of light oil per day is considered a historic achievement of the company, the minister added in a statement to KUNA today. This achievement was made through the completion of operating the three new plants for Jurassic production that locate at oil wells of East Raudhatain, West Raudhatain and Sabriya, north of the country, he noted.

The accomplishment contributes to implementing the strategy of developing free gas and light oil, he said. It comes within the framework of continued efforts by the oil sector to raise production to 850 million cubic feet of free gas in 2020 and to one billion cubic feet in 2022, the minister explained.

The oil sectorís efforts also seek to increase light oil to 240,000 barrels per day in 2020 and 280,000 barrels in 2022, he pointed out. Al-Rasheedi congratulated His Highness the Amir Sheikh Sabah Al-Ahmad Jaber Al-Sabah, His Highness the Crown Prince Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah and the government as well as all Kuwaitis on this achievement.

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