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FINANCIAL NEWS
Kuwait Oil reports 12% increase in output
10 Oct 2010
(MENAFN) The Chairman of the Kuwait Oil Company (KOC) said that the company’s oil output capacity hit some 2.8 million barrel per day for this year with an increase of 12 percent compared to last year, Kuna reported.
He pointed out that the project of developing the export utilities with its four phases was almost finalized in what allowed, for the first time in the company’s history, to four oil tankers to lay anchor at the same time at Al-Ahmadi port to fill their tanks with Kuwaiti crude.
He also said that the two-phase project of modernizing the installations contributed to the improvement of security and safety conditions in the company’s various utilities and pushed up the output capacity to further the company’s goal of hitting 4 million barrel per day by 2020.
Al-Rashid also revealed that KOC continued its efforts on compensating the oil reserve through determining and evaluating new finds at Al-Zubair northern reservoir in what increased the proved reserves.
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