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FINANCIAL NEWS
Kuwait plans to start offshore exploration in 2 years
17 Sep 2015
(MENAFN) Kuwait plans to start an offshore oil exploration program within two years, state news agency KUNA cited a Kuwait Oil Co. (KOC) executive as saying, part of plans to boost oil output capacity.
Kuwait will maintain energy investments despite plunging oil prices, KOC’s manager of planning said. It also aimed to add a total of 700,000 bpd of crude oil production capacity from offshore and onshore areas.
Most of Kuwait’s production is from the onshore Burgan field, the world’s second largest, in the southeast of the country, though it also extracts reserves from an offshore Neutral Zone where it shares facilities with Saudi.
KOC’s manager of planning also said Kuwait aims to boost production capacity to 3.5 million bpd by the end of 2015, including from the Neutral Zone, from around 3.15 million bpd now.
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