Latest News
- Court Sentences Bank Employee To 5 Years For Embezzling 100,000...
- Fake ‘Sheikh’ Sentenced To 2-yr As Court Overturns Verdict
- Justice Ministry New Service On The Sahel App
- Ministry Probes 68 Cases Of Illegal Charity, Funds Collection
- Globally, Kuwait Is Among The Top Consumers Of Incense And Oud O...
- Decrease Seen In Foreign Investment
- Kuwait Customs Seized 2 Containers Laden With Tobacco At Shuwaik...
- Unpaid Salaries, Accountant Beaten Up By Workers
- The Sahel App Was Not Hacked, A Spokesman Claims
- Four Expats Arrested For Stealing Copper Cables Worth 60,000 Din...
- Indian National Died In Abdalli Car Accident
- Work Permits And Foreign Worker Transfers Are Amended By PAM
Kuwait Production Of Light Crude Currently Stands At 180,000 Bpd
Kuwait’s production of light crude currently stands at 180,000 barrels a day, according to director of production operations and gas projects at the Kuwait Oil Company (KOC), Ali Al-Kandari, reports Al- Rai daily.
He said the estimated cost of extracting one barrel of oil is between 950 fils and one dinar. “Within three years, Kuwait will produce 850 million cubic feet of gas and 250,000 barrels of light crude,” Al-Kandari said during a panel discussion organized by the Petroleum Information and Public Relations Department at the Ministry of Oil.
He added the state “aims to reach one billion cubic feet of gas and 300,000 barrels of light crude by 2023,” pointing out that the target oil production in that year will be about 3.65 million barrels per day. Al-Kandari said that the price of selling light crude oil is $2 to $3, compared to the conventional crude price, and is expected to rise to $8 in the future.
He said that the most important challenges facing the KOC are to achieve the set goals and the need for a large number of drilling platforms in preparation for future projects.
These projects are currently under bidding with the Central Tenders Committee (CTC) and that each facility will produce 160 million cubic feet of gas and 50,000 barrels of light crude.
He added that after the discovery of the Jurassic reservoirs in the fields of northern Kuwait (Rawdatain, Sabriya, Zubi, Amna and Bahra), four Jurassic plants for the production of light crude and non-associated gas have been established – the EPF 50, operated in 2008 and JPF Sabriya, operated by 2017, JPF East, Rawdatain, 2018 and JPF West Rodeithain, operated in 2018, with a production capacity of 180,000 barrels of light crude.
He pointed out the KOC has an ambitious plan to establish two units for Jurassic gas in future which will produce 160 million cubic feet each, to reach one billion cubic feet per day as production capacity for free gas.
SOURCE : ARABTIMES
Trending News
-
Eid Al Fitr 2024: Crescent Moon Not Sighted In Sau...
08 April 2024
-
Kuwait Implements Home Biometrics Services Ahead O...
14 April 2024
-
When Will Eid Al Fitr 2024 Take Place In Qatar, Ba...
08 April 2024
-
On Sunday, The Meteorological Department Warns Of...
07 April 2024
-
Kuwait Airways Provides Update On Flight Schedule...
14 April 2024
-
Gathering For Eid Al-Fitr Prayers: Kuwaiti Citizen...
10 April 2024
-
Winners Of Kuwait National Assembly 2024 Elections
06 April 2024
-
Kuwait Airways Introduces Convenient Home Luggage...
15 April 2024
-
An Egyptian Expat Dies At Kuwait's Airport
11 April 2024
-
Bay Zero Water Park Kuwait: Summer Season Opens Ei...
11 April 2024
Comments Post Comment