KUWAIT -- The major turnout for an annual oil and gas conference in Kuwait is a testament to the nation's transformation into a "trusted" international energy partner, His Highness the Prime Minister Sheikh Ahmad Al-Abdullah Al-Ahmad Al-Sabah said on Tuesday.


Underlining an existential "economic shift" Kuwait has seen as part of its long-term development plan, "Kuwait Vision 2035," His Highness the Prime Minister told the Kuwait Oil and Gas Show Conference (KOGS) that this strategy is a roadmap towards a more "diverse and sustainable" economy that places grater emphasis on the long-term value of the nation's natural resources.


Such a strategy will revolve around the virtutes of "flexibility and creativity," in a bid to transform Kuwait into a global and competitive "energy hub," he emphasized, citing the crude project "Shaheen" that promises to be the "biggest foreign investment" in the history of the national oil industry, pending its completion in the next few months.


His Highness the Prime Minister went on to say that Kuwait is inviting international oil companies to assist in efforts to develop offshore oil and gas production, which will be instrumental in propping up the operations of Kuwait Oil Company, he explained.

The fifth edition of KOGS is the biggest in the event's history, according to the chief executive of state-owned Kuwait Petroleum Corporation (KPC) Sheikh Nawaf Al-Sabah, citing the impressive turnout the talks have garnered.


KPC is pushing forward with its strategy to raise its refining capacity by 1.4 million barrels per day (bpd) on a national level, while the figure for abroad is at 600,000 bpd, the official told a press conference after the opening of KOGS.


He went on to say that KPC would rely on the completion of marquee oil production projects to bring the strategy to fruition, in addition to leveraging the expertise of international firms into reaching a crude output of "four million bpd by the year 2035," added the official.


In light of growing global energy demand, he said that stability in global markets was necessary to ensure long-term supply, predicting the "pivotal role" that oil will play by providing a quarter of global energy supply by the year 2050 given the expected shortcomings of other sources. 

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