KUWAIT: Chairman and Managing Director of Kuwait Gulf Oil, Eng Hashim M Al-Rifaai, asserted the company intends to implement KPC 2030 strategy aiming at achieving a production capacity average of 350,000 barrels of crude oil daily by year 2015, and to maintain the same rate until year 2030.
Al-Rifaai said in a press release on the occasion of company participating in Gulf Petroleum Conference & Exhibition 2012, organized by Investors Group on April 9th, under the sponsorship of KPC, that according to that strategy the company will produce free gas (unaccompanied) by year 2020 at a rate close to 400 million square foot daily.
He added that KGOC have set a plan for a high level road map for its main activities to accomplish the strategic directions of 2030, stating that in the next five years the company will give increased attention to increasing its production capabilities, attain new resources, and develop business operations.
Al-Rifaai said the most important feature of this plan is the exploration of deep targets in the Paleozoic layers through conducting technical studies and geophysical surveys to help determine locations for exploratory drilling and evaluation of the potential geological structures through utilization of various geological studies.
Other features of the plan, Al-Rifaai continued, is the assessment and deterministic drilling of discovered and productive deposits to determine its extensions and production capacities, in an effort to increase the production and add confirmed reserves to the company oil reserves, and use innovative methods in production operations in assessment wells to face the production challenges in productive deposits.
He went on explaining that the company was able to achieve oil reserves of 45 million barrels through improving the efficiency of scavenging in the oil-bearing strata by improving the interfacial spacing of wells, enhanced oil recovery projects, increasing number of productive wells by digging assessment wells in new areas of first and second Iyosean layers and ratawi limestone, and implementation of advanced technology to drill and complete horizontal wells, and execute best practices strategy in managing deposits and reservoirs, and reassess confirmed reserves through technical studies and analysis of deposits performance.
Al-Rifaai said that water flooding improvement project for Ratawi deposit in Wafraaspires to increase oil production from this deposit and treat the sharp decrease in this oilfield production; where innovative deposit management techniques are being implemented to improve the performance of this project. The satellite pictures taken through Kuwait Institute for Scientific Research (KISR) helped improve the performance of operation activities in the divided zone, especially in the planning operations field of exploratory projects such as three dimension Seismic surveys, best usage and planning of production facilities locations, pipelines, roads, and other surface facilities, and determination of surface locations to drill new wells while taking into consideration industrial safety principals.
As for the company profits, Al-Rifaai declared that in the first half of 2011 it reached KD 753,602,400 as a result of an average daily production of 251 thousand oil barrels (company share) for the same period; he expected that the profits for the second half will be KD 741,592,800, since average daily production for this period is expected to be 247 thousand oil barrels daily.
And on the importance of participating in the Gulf Petroleum Conference& Exhibition 2012, he stated that the company believes in the importance of oil conferences and pay great interest to participation and attendance in them, whereas it makes an effort for development of national technical experiences in engineering and geological fields, whether it is through the implementation of various training programs for staff, or the participation in conferences.
© Kuwait Times 2012
