Kuwait Oil Company (KOC) is set to allocate Kd1.2bn to its exploration drilling programme up to 2030. This investment is part of a broader plan to invest Kd9.8bn (US$31.9bn) in drilling and maintaining up to 6,193 wells by the end of the decade.
Last month, Kuwait’s oil minister, Tariq Al-Roumi, told local newspaper Al Qabas that the country’s crude oil production capacity is currently at 3.2m barrels per day (mbbl/d), the highest assessment in more than a decade. Earlier this month, the minister announced a new strategy for state-owned Kuwait Petroleum Corporation (KPC) to raise overall oil production capacity to 4mbbl/d by 2035.
KOC is projected to contribute 3.65mbbl/d towards this target, with the remaining output expected to come from a shared zone with Saudi Arabia. The Kuwait government is also set to prepare infrastructure for the Durra gas field as part of its plan to increase hydrocarbon production.
Recently, KOC announced a new natural discovery in the Al-Jazah offshore natural gas field. Initial tests at the Jazah-1 well indicate production exceeding 29m cubic feet per day of natural gas.
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