KUWAIT, Feb 16 (KUNA) -- Minister of Oil, Electricity and Water Dr. Khaled Al-Fadhel said on Sunday oil extraction, in testing phase, would begin at Al-Wafra and Al-Khafji fields today (Sunday) and volume of the pumped crude would be gradually increased "to the normal level." Al-Fadhel, in remarks to journalists on sidelines of inaugurating "the program for transformation to electronic services" at the ministry of oil, said the production of oil would be restored to the regular level by end of this year.
Volume of the joint output in the divided zone would reach, ahead of the year-end, nearly 550,000 barrels per day, he said, noting that the production at Al-Wafra has reached 140,000 per day, while the output at Al-Khafji reached 250,000 bpd -- constituting Kuwait's share.
He indicated at an article in the agreement and the memo of understanding between Kuwait and Saudi Arabia on starting studies on work at Al-Durra field, adding that this issue would warrant studies and debates at the official level in the State of Kuwait.
Responding to a question on the oil strategy, minister Al-Fadhel said the strategy was approved by the Supreme Petroleum Council, noting that it aims at uplifting the output to four million barrels per day by 2040.
On the process of integration and restructuring in the oil sector, the minister said it was proceeding according to a plan that would be declared at the appropriate time, adding that it would be phased and ultimately aimed at establishing a single company and three sectors.
He affirmed Kuwait's adherence to its output quote, as set by the Organization of Petroleum Exporting Countries (OPEC), noting that the oil output fall would not affect the state budget, "for the cut of the Kuwaiti oil production would be made up with prices' hike." Answering a question on impact of the coronavirus outbreak on oil prices, the minister indicated at various statements that have been made by ministers of OPEC's member States, indicating at an intention to trim the global output for sake of restoring balance to the global markets.
The minister had said in his address at the inauguration ceremony that the ministry worked in the past months to set up a program for digitizing all its tasks.
The Ministry of Oil will launch a new slogan, in harmony with Kuwait Vision plan. It has been linked up with Kuwait Petroleum Corporation for exchanging technical information.
For his part, the ministry Undersecretary, Sheikh Dr. Nimr Fahad Al-Malek Al-Sabah, said in his statement at the gathering that the ministry had overhauled the e-mail system. (end) mga.rk