FINANCIAL NEWS

Kuwait to boost oil output in northern fields

21 Sep 2010

(MENAFN) Officials at Kuwait Oil Co (KOC) said that the company is planning to hike oil output in the country’s northern fields to 850,000 barrels per day by the end of December, Kuwait Times reported.

The officials said that the state-owned KOC, in charge of the Gulf emirate’s oil exploration, was in negotiations with several foreign firms to further develop the northern fields.

Kuwait is the fourth-largest exporter of the Organization of Petroleum Exporting Countries (OPEC) and boasts around 10 percent of the world’s proven oil reserves.

Oil Minister Sheikh Ahmad Al-Abdullah Al-Ahmad Al-Sabah said in April the country’s crude output capacity stood at three million barrels per day.

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