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FINANCIAL NEWS
Kuwait’s crude production to hit 860,000 bpd by year-end
21 Dec 2010
(MENAFN) Hessniah Hashem, Managing Director at the Kuwait Oil Company (KOC), stated that Kuwait’s petroleum output is forecasted to hit 860,000 barrels per day (bpd) by the end of the current year, up from 700,000 bpd, as a result of the recent installation of the Early Production Facility (EPF), KUNA reported.
According to Hashem, production of the 35 million EPF, would reach 120,000 bpd by year-end, and 560 million cubic feet of gas would also be pumped out with aid of the facility.
Boosting crude output comes in line with KOC’s strategy to hike the overall national oil production to four million bpd, whereas the KOC is employing all available potentials and state-of-art technologies such as the EPF to realize this strategy, explained.
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