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Mon 5 Nov 2012 06:32 PM

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Kuwait's KOC eyes $40bn upstream spend

Kuwait Oil Company exec says most of the investment will be in northern Kuwait projects

Kuwait's KOC eyes $40bn upstream spend
(Photo for illustrative purposes only)

Kuwait Oil Company (KOC), the upstream division of the Kuwait Petroleum Corporation (KPC), plans to invest about $40bn in five years from 2013, a senior executive has said.

Mazen Al-Sardi, KOC deputy managing director for Technical Services, said the move would raise Kuwait's sustainable oil production capacity in one of the world's largest upstream crude oil programmes.

He told the MEED Kuwait Energy & Infrastructure 2013 conference that most of the investment involved projects in northern Kuwait.

He added that bids will be invited to three major gathering centres in northern Kuwait in the first quarter of 2013.

KPC CEO Farouk Al-Zanki told the conference that Kuwait aims to lift sustainable oil production capacity by 1 million bpd in 2020-30. Kuwait is producing about 3 million bpd at present.

OPEC-member Kuwait is likely to keep producing around 3 million barrels of oil a day over the next few months due to strong demand, the head of state-run Kuwait Oil Company (KOC) said in September.

OPEC price dove Kuwait raised its production by around 600,000 barrels a day (bpd) from July to around 3 million of crude oil in August.

The producer is likely to keep pumping around current levels of 3 million bpd due to more demand, KOC director Sami Al-Rushaid told Reuters.

Oil output by the big three Gulf producers rose by around 400,000 barrels per day (bpd) in August from July as the sharp rise in Kuwaiti output outweighed cuts by Saudi Arabia and the UAE.

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