A Review Of The Oil Strategy Is Requested By Sheikh Nawaf

Sheikh Nawaf Saud Al-Sabah, the CEO of Kuwait Petroleum Corporation, has asked the Board of Directors to review the oil strategy, the reasons for its delay in achieving the objectives, and the extent of its realism, laying out the facts, and then starting to implement them based on available capabilities.

Despite reviewing the institution's strategy multiple times over the past years, changing the target numbers, and keeping pace with each stage of time with global changes, local Arabic daily quoting sources said there is still a delay in achieving them, even with the change of executive departments and ministers.

Based on what Al-Saud presented to board members during his meetings last week, when he asked them, "Have you exhausted your capabilities before taking the challenges to the next level?" the executive leadership's vision is to scrutinize the information in a more realistic way for the capabilities, especially that the next stage requires the senior oil officials to exert more efforts and capabilities.

Other sources, on the other hand, saw the KPC strategy of increasing production capacity based on indicators and data as requiring expertise, large budgets, and significant support to implement in light of the challenges that must be addressed, most notably the old oil reservoirs and associated water, all of which necessitate projects with high costs and diverse expertise.

According to the sources, the executive leadership's focus during the next stage will be on realistic issues that can be dealt with and achieved in a practical manner, especially since achieving production capacity has always been the main obstacle to not implementing the strategy, necessitating a need to learn about global changes and current Kuwaiti issues.

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