Kuwait Gulf Oil Company (KGOC) is aiming to increase its oil output to 350,000 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 500m cubic feet by the same date, Hashem al-Rifaee said.
The targets fit in with KPC’s long-term goal to produce 4m bpd by 2020. OPEC member Kuwait is pumping around 3m bpd at present, close to its capacity.
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