Kuwait raises oil output capacity
Kuwait has boosted its oil production capacity to around 3.3 million barrels per day as it strives to achieve its target of four million bpd by 2020, a top oil executive said on Sunday.
Three million bpd are produced by the state-run Kuwait Oil Company and the rest comes from the neutral zone with Saudi Arabia, said KOC chairman Sami al-Rasheed, cited by the official KUNA news agency.
Rasheed said that KOC has successfully tested raising its output to three million bpd for the first time in line with its strategy of reaching four million bpd.
"We have come quite close to achieving our strategy of raising output capacity to four million bpd by 2020," Rasheed said.
"KOC production capacity now tops three million bpd, besides our share of around 270,000 bpd from the divided zone" with Saudi Arabia, he added.
He said KOC expects to add a new production of 120,000 bpd by the end of October, boosting total output capacity to around 3.42 million bpd.
Rasheed gave no spending figures on oil projects, but Kuwait's Oil Minister Sheikh Ahmad Abdullah al-Sabah said in December the emirate plans to spend 87 billion dollars on oil projects until 2030.
Kuwait says it sits on 10 percent of proven global oil reserves and currently pumps around 2.3 million bpd.
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