KUWAIT CITY(IAMINKUWAIT) : Kuwait Oil Company (KOC) Chief Executive Emad Sultan said that the company plans to start producing heavy oil in the South of Al-Ratqa in February, in addition to increasing the total oil production capacity to 3.2 million barrels per day over the next five years.
Sultan said in an interview with «S&P Global Platts» that heavy crude from the south of Al-Raqqa will be pumped into the new refinery Zour, which has a capacity of 615 thousand barrels, where it will be processed in low-sulfur fuel oil for use in power generation.
He pointed out that a large number of wells have been drilled for the development of heavy oil in previous years in the south of Al-Ratqa, expecting the delivery of a new central production facility to deal with heavy oil production by February 2020.
He pointed out that the operation of this new facility will add 60 thousand barrels of heavy oil per day to the mix The company's production, bringing the total production of heavy oil to 75 thousand barrels per day.
Sultan said Kuwait Oil plans to spend $ 8.9 billion on capital expenditure this year, with a total of $ 50 billion planned over the next five years to help meet energy needs.
“KOC's capital expenditures for exploration activities represent about 9 to 10 percent of total expenditures,” he said, noting that the company's investment portfolio is well balanced between exploration activities and the development of oil and gas production.
Sultan pointed out that the company is working to strengthen its exploration activity, noting that it awarded Halliburton last July a three-year contract that will begin mid-2020 to search for oil and gas at sea, indicating that this contract is an important achievement, as it represents the beginning of exploration activities And Marine Development in Kuwait.
"We have high expectations of successful results from these exploratory activities and further development at the maritime level could add significant amounts to boost oil production," Sultan said.
Kuwait has 101.5 billion barrels of oil in proven reserves, accounting for 5.9 percent of the global total by the end of 2018, according to BP's statistical review in 2019. However, S&P Global Platts noted that The country is short of gas, and its proven gas reserves are steady at 59.9 trillion cubic feet, or 0.9 percent of the world's total.
Courtesy : alraimedia.com