By Osama Jalal KUWAIT, Jan 10 (KUNA) -- International oil markets still need more oil supplies, Minister of Oil Mohammad Al-Busairi said Tuesday, considering current oil prices "very reasonable." Al-Busairi, also minister of state for national assembly affairs, said there was a well in Burgan Field that has been recently drilled and production would be the next step.

He praised the Kuwaiti male and female engineers who were working in "very difficult" environments but determined to get the job done.

KOC has an ambitious plan to drill more wells, he said.

The minister said the Burgan Field, which was drilled in 1938, was producing at a good pace.

Kuwait Petroleum Corporation (KPC), added Al-Busairi, was committed to implementing its strategy to producing four million bpd by 2020 and to maintain this level until 2030.

Kuwait has been producing 3.050 million bpd since last month, he noted.

Al-Busairi also visited Gathering Center II, and got acquainted with plans to drill more wells to reach the four-million-bpd target, as well as Health, Safety and Environment (HSE) standards.

The minister said KPC's marketing department explored new markets to sell Kuwait crude oil and derivatives, including in Africa, Europe and Latin America.

Al-Busairi said 80 percent of employees in KOC were Kuwaitis while the the percentage was 100 in all Gathering Centers.

KOC Board Chairman and Managing Director, Sami Al-Rushaid, said the company has 64 oil drillers and 24 Gathering centers.