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FINANCIAL NEWS
Kuwait to bolster oil output at Al-Khafji
23 Feb 2010
(MENAFN) Kuwait Gulf Oil Co said that it sees oil production from the Al-Khafji oilfield going up to 300,000 barrels per day (bpd) by the end of the first quarter of 2010, Reuters reported.
The company’s Managing Director, Bader Al-Khashti, said that the firm is currently working on a large number of exploration and drilling operations in the divided zone, in order to reach the set goals of the Kuwaiti firm and its Saudi partner.
Al-Khafji oilfield, which is located in the Neutral Zone between Kuwait and Saudi Arabia, has oil output capacity of nearly 550,000 bpd. Both countries plan to increase capacity in the zone to 700,000-900,000 bpd by 2030.
Kuwait’s current oil production from the field is at 272,000 bpd, Al-Khashti said.
Last year, Kuwait’s Oil Minister said that the country aims to reach an oil production capacity of 4 million bpd in 2020 and sustain it until 2030, noting that Kuwait is the world’s fourth-largest oil exporter.
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