| 12 Jan 2009 |
|
Kuwait says fall in oil price will not halt gas projects
- Text size
Kuwait, which holds a modest amount of natural gas reserves, would continue its gas exploration and development programmes despite the drop in the price of oil and the current financial crisis, a senior official from the state's oil company said.
According to Mohammed Husain, deputy chairman and deputy managing director, planning and gas at Kuwait Oil Company (KOC)Kuwait Oil Company (KOC)
, the company would "not stop" its gas projects and added that all KOCKOC gas plans are "on target".He reiterated that the second phase of non-associated gas project will boost production to 600,000 cubic feet a day, a four-fold increase from its current production of 140-145 cubic feet of gas per day.
"It [the second phase] will be completed by 2011 to 2012," he told reporters on the sidelines of Offshore Arabia conference yesterday. The third phase will bring the production level to one billion cfpd.
It is expected that as gas production reaches one million cfpd, more than 300,000 bpd of condensates will also be produced including ethane, propane and butane, which in turn could boost petrochemical production in the Gulf.
Husain said all other EPC contracts - including the gas line and processing facilities - have already been out for tender, winners of which would be awarded in April this year.
A model for managing the promising gas reservoirs has been prepared as KOCKOC
executives commit towards developing gas as a major industry.Asked on whether KOCKOC
has already appraised their reserves, Husain said: "We have been doing a number of study. We have just finished our dynamic model of our reservoir. We are really appraising, exploring and developing and producing at the same time.By Karen Remo-Listama
x
DISCLAIMER
Zawya is a distributor (and not a publisher) of content supplied by third parties and subscribers. Any opinions, advice, statements, services, offers, or other information or content expressed or made available by those third parties, including information providers, subscribers or other users of the Service, are those of the respective author(s) or distributor(s) and not of the Company. The Company neither endorses nor is responsible for the accuracy or reliability of any opinion, advice or statement made on the Service by anyone other than authorized Service employee spokespersons while acting in their official capacities. The Company is not responsible for any infringement of intellectual property rights or breach of any applicable law or regulation, including regulation in relation to financial services or the distribution of financial products, defamation, data protection, telecommunications (including regulations relating to excessive use, spamming or other abusive activities) or obscene, offensive or illegal content). Under no circumstances will the Company be liable for any loss or damage caused by a member's reliance on information obtained through the Service. It is the responsibility of member to evaluate the accuracy, completeness or usefulness of any information, opinion, advice or other content available through the Service. Please seek the advice of professionals, as appropriate, regarding the evaluation of any specific information, opinion, advice or other content.
Read the full Member Agreement
http://www.zawya.com/legal/NewsLetter.cfm?name=disclaimer
Zawya is a distributor (and not a publisher) of content supplied by third parties and subscribers. Any opinions, advice, statements, services, offers, or other information or content expressed or made available by those third parties, including information providers, subscribers or other users of the Service, are those of the respective author(s) or distributor(s) and not of the Company. The Company neither endorses nor is responsible for the accuracy or reliability of any opinion, advice or statement made on the Service by anyone other than authorized Service employee spokespersons while acting in their official capacities. The Company is not responsible for any infringement of intellectual property rights or breach of any applicable law or regulation, including regulation in relation to financial services or the distribution of financial products, defamation, data protection, telecommunications (including regulations relating to excessive use, spamming or other abusive activities) or obscene, offensive or illegal content). Under no circumstances will the Company be liable for any loss or damage caused by a member's reliance on information obtained through the Service. It is the responsibility of member to evaluate the accuracy, completeness or usefulness of any information, opinion, advice or other content available through the Service. Please seek the advice of professionals, as appropriate, regarding the evaluation of any specific information, opinion, advice or other content.
Read the full Member Agreement
http://www.zawya.com/legal/NewsLetter.cfm?name=disclaimer
Access to this article is subject to specific terms and condition.
Post a Comment
1.1 Contain any material which is libelous or defamatory of any person, is obscene, offensive, hateful or inflammatory or causes damage to the reputation of any person or organisation.
1.2 Promote sexually explicit material, violence, discrimination based on race, sex, religion, nationality, disability, sexual orientation or age or any illegal activity.
1.3 Be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence.
1.4 Be threatening, abuse or invade another's privacy, or cause annoyance, inconvenience or needless anxiety.
1.5 Be used to impersonate any person, to misrepresent your identity or affiliation with any person, or be likely to deceive any person.
1.6 Give the impression that they represent Zawya.
1.7 Advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse.