Kuwait City(IAMINKUWAIT), Feb 4: A new oil company in Kuwait is set to increase production by 250 mln cubic feet and will churn out 68,000 barrels of gas condensate, says Kuwait’s Minister of Oil Bkheet Al-Rashid.
The new oil company will serve the dearth of resources in the Kuwait City, said Al-Rashidi who doubles as Minister of Electricity and Water.The minister also said that Kuwait currently produces around a billion and a half cubic feet of gas per day and their goal is to push that figure higher to four billion cubic feet per day.
He said that they wish to increase the oil production of Kuwait by 4. 750 million barrels by 2040 and presently the production is at 2.7 million barrels when they have the capacity to produce 3 million barrels.
The minister added the oil sectors plans to have an all-national work force soon, saying that the new work force station is cent percent Kuwait made. He informed also the ongoing negotiations with Iraq over Kuwait’s plans to import gas from its Gulf neighbour.