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FINANCIAL NEWS
Kuwait Gulf Oil plans to boost gas output by 2020
20 Mar 2012
(MENAFN) Kuwait Gulf Oil unveiled plans to boost output of non-associated gas to 400 million cubic ft per day by 2020, state-run news agency KUNA reported.
The company, which is a division of state-run Kuwait Petroleum, also said it seeks to increase production to 500 million cubic ft from its present capacity by 2030.
Managing director Hashim Al-Refae said that the company targets 350 million bpd of oil output by 2015 and sustain this level of production until 2030.
He added that Kuwait Gulf Oil has the ability to reach an oil reserve of 45 million barrels using new technologies that help increase the number of oil producing wells in different locations and earth layers.
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