KOC to produce 3.15mn bpd of oil by 2016, states company CEO

KOC-CEO2Kuwait’s oil and gas exploration, drilling and production firm Kuwait Oil Company (KOC) will produce 3.15mn bpd of oil by 2016, announced the company CEO

Hashim S Hashim, CEO of KOC, said, “The company’s future plan is to develop a number of oilfields in areas all across the country with the ultimate goal of producing no less than 3.65mn barrels of oil by 2020, which will represent KOC’s contribution to an overall national ambition to produce at least four million bpd by that time.”

Kuwait’s current oil production ranges from 2.9mn bpd to three million bpd. Several new oil reserves were discovered by KOC in the north and west of Kuwait and are currently being developed for eventual use, added Hashim.

KOC plans to invest US$40.45bn in energy projects for the next five years in Kuwait. The company will also increase the number of its oil and gas rigs by 50 per cent by early 2016 as it aims to boost its crude and gas production despite low oil prices.

In 2013, the number of oil and gas rigs in the region was 50 and it has increased to 80 rigs. The number is expected to reach 120 rigs by 2016, noted the CEO.

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