Minister of Oil: Kuwait is committed to investing in oil to meet international needs
Kuwaiti Oil Minister Saad Al-Barrak confirmed that his country, represented by the Kuwait Petroleum Corporation, remains committed to investing in the oil sector to develop it and continue to perform its role towards its global customers.
According to a presentation during the conference “Announcing the Strategy of the Kuwait Petroleum Corporation and its Companies 2040 and the Energy Transition Strategy 2050,” on Monday, Kuwait aims to produce two billion cubic feet of non-associated gas and four million barrels per day of crude oil by 2035.
The minister announced that his country will prepare the infrastructure for the Dorra offshore field, adding that this project is one of the most important economic axes of the government’s work program for the seventeenth legislative term.
Al-Barrak said: “It is no secret to you that we live in an era full of challenges and opportunities, and the Kuwait Petroleum Corporation and its subsidiaries take these facts into consideration and interact with them with flexibility, professionalism and planning until they achieve sustainable growth and economic diversification for the State of Kuwait.”
He stressed that the petroleum sector is responsible for more than 90 percent of the revenues of the State of Kuwait, so some difficulties must be overcome to enable the Kuwait Petroleum Corporation to implement its projects included in the government’s work program according to the timetable set for it, in order to ensure the continued financial flow of the state.
For his part, Managing Director of Planning and Finance at the Kuwait Petroleum Corporation, Badr Ibrahim Al-Attar, revealed during the conference that Kuwait intends to invest $110 billion in energy transformation projects.
In the same context, the Corporation’s CEO, Sheikh Nawaf Al-Sabah, said in his speech during the conference that the Corporation expects to achieve revenues worth 11 billion dinars annually from implementing capital projects in the oil sector in its next five-year plan.
He added that the corporation has prepared a strategy for energy transformation and a road map to achieve carbon neutrality by 2050, but stressed that oil will be part of the equation in any transformation scenario.
Sheikh Nawaf explained that the corporation’s strategy until 2040 is in line with the future expectations of the markets, including the global trend towards energy transformation, reducing emissions, and increasing global energy demand by about 50 percent until 2050.
In addition, the CEO of Kuwait Oil Company, Ahmed Jaber Al-Eidan, said that the company seeks to raise its production capacity to 3.65 million barrels per day of crude oil in 2035, and to continue at that rate of production until 2040.
He added during the conference that the company is also seeking to reach the production capacity of free gas to 1.5 billion cubic feet per day by 2040. Kuwait’s oil reserves reach about 100 billion barrels.
As part of contributing to reducing carbon emissions, Al-Eidan revealed a joint project with the Kuwait National Petroleum Corporation and Kuwait Integrated Petroleum Industries, with the aim of capturing more than 100 million metric tons of carbon dioxide for use over 25 years.
He said that the company is currently studying the best ways to store approximately 400 million metric tons of carbon dioxide with the aim of using it in production operations.
Regarding the Duqm Refinery, the CEO of Kuwait Petroleum International Company, Shafi Taleb Al-Ajmi, explained that the final commercial operation of the Duqm Refinery in the Sultanate of Oman will take place by the end of 2023.
He added during the conference that the trial operations of the joint refinery between Kuwait and Oman have now exceeded 81 percent, as all production units in the refinery have been operated.
Al-Ajmi said that the refinery has received more than ten million barrels of oil from both Kuwait and Oman since the beginning of this year, explaining that it produces diesel, jet fuel, and high-quality naphtha.
Regarding Al-Zour Refinery, the CEO of the Kuwait Integrated Petroleum Industries Company said that the third refinery in the Al-Zour Refinery Project will be completed within days, bringing the total production capacity of the project to 615 thousand barrels per day from 410 thousand currently.
Walid Khaled Al-Badr added during the conference that the Al-Zour Refinery project contributes to achieving one of the main strategic directions of the Petroleum Corporation, which aims to raise refining capacity to 1.6 million barrels per day.
2023-10-09 11:29:24
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