KUWAIT, Oct 15 (KUNA) -- Kuwait Petroleum Corporation (KPC) CEO and Deputy Chairman of the Board Nizar Al-Adsani stated Sunday that Kuwait aims to scale oil production up to four million barrels per day by 2020.
The KPC and its subsidiaries will raise the production capacity of crude oil to four million barrels per day by 2020, Al-Adsani said in a speech at the inaugural session of the 3rd Kuwait Oil and Gas Show and Conference (KOGS 2017).
He added that the KPC also plan to increase natural gas production to one billion cubic feet per day of by 2023.
To boost gas production, the KPC would launch three gas projects in January 2018, he said, noting that these project would increase production to about 500 million cubic feet per day.
He went on to say that the KPC would also develop gas fields in northern Kuwait to take the production up to one billion cubic feet per day by 2023.
To beef up oil production, Al-Adsani argued that the KPC also would launch two gathering centers projects in March 2018 in the north of Kuwait.
KPC would start production of heavy oil from Fars reservoir in the Ratqa oil field by May 2019 at a capacity of 60,000 barrels of oil per day, he disclosed.
In addition, the KPC plans to increase drilling rigs from 130 to 180 by FY 2019-20, the CEO said.
On refining and production projects abroad, Al-Adsani said, "We started with our partners the procedures for operating a new refinery in Vietnam as a part of a petrochemical complex with a capacity of 200,000 barrels per day of Kuwaiti oil. The commercial operation of the refinery will commence in December 2017."
He noted that marketing of the refinery production started with a strategic local partner (Idemitsu Kosan). The first fueling station was inaugurated in October, he said.
He also unveiled that studies are being completed for a joint venture between the KPC and the Oman Oil Company to build a refinery with a capacity of 230,000 barrels per day in the southern Duqm region of Oman.
The final decision in this regard is expected to be taken before the end of 2017, he said.
As part of the company's interest in the petrochemical sector, which is one of the main pillars of the income diversification strategy, the KPC is embarking on preliminary engineering studies for the construction of a olefins and aromatics production complex in Kuwait, he said.
"Out of belief in the importance of integration between the refining and petrochemical sectors, and to enhance our global presence, the KPC is in the final stages of constructing a petrochemical complex in the United States in cooperation with Dow Chemical," Al-Adsani said.
Moreover, the KPC is currently completing studies to build a joint aromatics complex in the Kingdom of Bahrain with the Bahrain National Gas Company (NOGA) and a petrochemical project in the Canadian State of Alberta, he said.
"These projects as a whole confirm our determination to continue our expansion in the petrochemical industry because it is the future choice for ensuring the value added," he said.
He unveiled that the KPC is working on the building of eight tankers for transporting crude oil, liquefied natural gas and oil derivatives. (pickup previous)