State-owned Kuwait Petroleum Corporation (KPC) has outlined plans to maximise daily production of oil and natural gas, foreign partnerships, more upstream and downstream projects well as initiatives abroad.
Speaking at the Kuwait Oil and Gas Summit on Monday, KPC’s CEO and Deputy Chairman, Nizar Al Adsani, said crude oil production will be raised to 4 million barrels per day by 2020 and natural gas production to 2.5 billion cubic feet per day by 2040.
Inviting partnerships for the sector, Al Adsani listed out several upstream and downstream project developments. The upstream projects include the development of four gathering centres in North and South East Kuwait, four Jurassic facilities as well as several offshore exploration ventures. Downstream ventures included the Zour refinery, development of 100 new solar gas stations as well as a new acid gas removal plant.
In January, 2018 Reuters reported that KPC aimed to reach crude oil production capacity of 4.75 million bpd in 2040.
The official also spoke about KPC’s international ventures such as the Duqm refinery in Oman, the Nghi Son refinery in Vietnam, the Wheatstone LNG project in Australia as well as the development of an ethylene glycol plant in US and petrochemical projects in Alberta, Canada.
Al Adsani also projected a total capital expenditure of more than $500 billion in the oil sector. Of this, $114 billion will be spent over the next five years and $394 billion up to 2040. He also maintained that 76 percent of the total projected expenditure would be directed towards the development of domestic upstream projects.
Highlighting the Emir’s vision of generating 15 percent of the country’s electricity from renewable sources, announced earlier this year, Al Adsani spoke about key renewable projects such as the Al-Dabdaba solar power plant project, the Sidra 500 solar PV power plant project and the integrated concentrated solar thermal project in Ratqa in Northern Kuwait. Efforts were also underway to produce clean fuel by increasing refining capabilities, he added.
The official also spoke about plans to set up a centralised research centre to explore new possibilities and solutions in the sector. The centre is planned to be set up in collaboration with international universities and institutes.
(Reporting by Jethu Abraham; Editing by Anoop Menon and Bhaskar Raj)
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