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FINANCIAL NEWS
Kuwait operates new oil production facility
24 Nov 2010
(MENAFN) Kuwaiti authorities have successfully operated the recently-installed early-production oil facility in the north, whose productivity is forecast to reach 120,000 barrels per day (bpd), Kuna reported.
Sami Al-Rushaid, the Managing Director of Kuwait Oil Co. (KOC), said in a statement that this installation would lift the daily output of the North Kuwait oil fields to 700,000 bpd, currently, and to 820,000 bpd, once it has been fully operated in the near future.
The national company has depended on its potentials and resources for hiking the productivity of some of the northern oil fields, along with some foreign aid.
The KOC aspires to hike the national output of the crude oil to four million bpd by 2020. Last October, it succeeded in upping the production to three million bpd after inaugurating several strategic projects, designed to increase the overall national productivity of the crude.
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