Kuwait plans to boost its
oil production to 4 million bpd by 2020, Faroud Al-Zanki, CEO of Kuwait Petroleum Corp. (KPC) said on the sidelines of a conference. He added that the
OPEC member state plans to tap into its existing heavy oil reserves as well as newly discovered ones to reach that capacity.
However, Al-Zanki said that Kuwait was already at its full production capacity, and will be challenged to increase production or meet new demand. “Our production will keep its current levels,” said Al-Zanki when asked if Kuwait can product more oil. Kuwait currently pumps 2.9 million bpd, and its full production capacity is a little over 3 million bpd, including
oil production in the neutral region that it shares with Saudi Arabia.
KPC is planning to team up with Chinese SINOPEC to establish a 300,000 bpd refinery. The French Totale will be a minor partner in the $9 billion project. As part of its plans to cater to emerging markets, Kuwait also plans to build a 200,000 bpd refinery in Vietnam.
Kuwait’s goal is to maintain the flow of oil through sustaining its daily oil production as well as improving its oil extraction and recovery facilities.
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