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FINANCIAL NEWS
Kuwait plans USD7b heavy oil project
10 Dec 2014
(MENAFN) Kuwait, the third-largest producer in OPEC, announced it is planning to spend about USD7 billion to develop heavy-oil fields, despite the decline in crude prices, which reached their near five-year lows, Gulf Times reported
Kuwait said that the first phase of its Lower Fars heavy-oil project will cost USD4.2 billion, with plans by the state-owned Kuwait Oil Co to drill 900 wells and pump 60.000 bpd by 2018 in this phase, as well as targeting output of 180.000 bpd by 2025 and 270.000 by 2030.
“Developing heavy oil projects in Kuwait is economical even with the current fall in oil prices. Production from Lower Fars and the Ratqa field will open the door for development of other heavy oil fields in Kuwait,” Kuwait Oil Co. Chief Executive said.
Kuwait, which currently pumps as much as 3.25 million bpd of crude, said that this project will help in accomplishing its goal or raising its capacity to 4 million barrels by 2020.
To accomplish this goal, Kuwait National Petroleum Corp plans to expand its refining capacity to 1.4 million bpd from 937.000 bpd it currently has, which will happen when it completes the country’s fourth and biggest refinery, the 615.000-bpd Al-Zour facility.
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