Kuwait to invest $10bn in upstream over 5 years
Kuwait, April 26, 2010
Kuwait will invest around KD3 billion ($10.37 billion) in upstream developments over the next five years, a senior oil official said on Monday.
Kuwait, the world's fourth largest oil exporter, is looking to expand oil production capacity to 4 million barrels per day (bpd) from 3 million bpd by 2020 and sustain the higher level for 10 years.
The Gulf Arab producer will be relying on enhanced oil recovery techniques as one of the methods to meet its production targets, Kuwait Oil Company's chairman and managing director Sami al Rushaid said at a conference.
He said enhanced oil recovery techniques would be employed in some of the country's reservoirs in the north.
'We expect this to be realised in the range of 20 per cent recovery,' Rushaid said about how much EOR techniques would contribute to the overall production of Kuwait.
Kuwait's current oil production capacity was expected to hit 3.3 million bpd by August, he said.
Kuwait is aggressively pursuing the exploration of gas to meet the expanding demand of power generation. - Reuters