LOC13:06
10:06 GMT
KUWAIT, March 12 (KUNA) -- Minister of Oil and Minister of Electricity and Water Khaled Al-Fadhel said Tuesday that Kuwait will reach its highest rate of natural gas production in 2031/2032, estimated at 3.5 billion Standard Cubic Feet/Day.
The remarks were made by CEO of Kuwait Petroleum Corporation (KPC) Hashim Al-Hashim, on behalf of minister Al-Fadhel, during the 27th Annual Conference of the Gas Processing Association-GCC Chapter held in Kuwait.
He added that the future outlook for the rich gas development will be exposed to a great expansion in the near future when north Kuwait Jurassic fields will be fully operational by the year of 2023/2024, bringing Kuwait's rich gas production up to three billion Standard Cubic Feet/Day (SCFD).
Meanwhile, KPC executed measures to facilitate expansion in production and achieving sustainable developments, including launching its promising 2040 strategy for the upstream exploration and downstream refining sector, Al-Hashim said.
He noted that natural gas has always been a major factor of Kuwait's economy as Kuwait has a long history of natural gas exploration and processing that goes back to the year of 1979 where Kuwait's first gas processing complex was commissioned at Mina Al-Ahmadi refinery-KNPC.
In line with KPC strategic plan to meet the long-term fuel requirements for Kuwait's Growing Energy demand, Liquefied Natural Gas (LNG) import will predominantly be the major source of fuel in Kuwait where Kuwait's giant LNG terminal project is coming in the year of 2022 at Al-Zour, he said.
The USD 2.9 billion project will consist of eight full containment tanks with a net capacity of 225,000 m3 and a max send out rate of 3,000 BBTU/Day, he added.
LNG is "energy and environment in harmony", and for that reason, it was chosen to be Kuwait's major domestic fuel source for its economic feasibility as well as environmental friendly impact, said the CEO. (end)
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