ID :
191486
Tue, 06/28/2011 - 09:59
Auther :
Shortlink :
https://oananews.org//node/191486
The shortlink copeid
KPC plans to raise oil output to 4 mln bpd in 2020
KUWAIT, June 27 (KUNA) -- Minister of Oil, and Minister of State for National Assembly Affairs Dr. Mohammad Al-Busairi asserted Monday that Kuwait Petroleum Corporation (KPC) has a strategic vision.
He added such vision is devised in accordance with the country's development plan, and aiming at pushing up the oil output to four million barrels per day (bpd) by 2020.
Al-Busairi made the previous remarks during a discussion at the National Assembly's special session today on a bill on the budget of KPC, and its subsidiary firms for the fiscal year (2011-2012).
He added "we have conducted last October a successful experience to raise the output capacity, and thanks to our national cadres, and their sincere efforts along with the help of some foreign consultant firms, we have been able to hit a n output of 3.5 million bpd." Al-Busairi also said that the global oil market will be in dire need during the third quarter of this year for some two million bpd, while there will be need in the last quarter of this year to 1.5 million bpd.
He also said that no world country, particularly from the member states of the Organization of Petroleum Exporting Countries (OPEC), has a surplus in its output capacity in order to fill such shortage except the Kingdom of Saudi Arabia, the State of Kuwait, and the United Arab Emirates.
He also said "we should not miss such opportunity, particularly under the soaring prices, and the increasing demand in the market, and we have the ability to meet such demand," asserting "this is an output policy in the interest of our country, and we are following it." He concluded by saying that Kuwait faces rarity in natural gas, "and we made investment and capitalist projects that we currently carry out with our best energies in order to reach se lf-sufficiency from natural gas in Kuwait," making clear that the country's output of associated natural gas amounts to 1.
1 billion cubic meters, and of free gas some 130 million cubic meters, "and we hope to reach an output capacity amounting to 1 billion cubic meters in 2016." On their part, MPs stressed the necessity of creating job opportunities for Kuwaitis inside KPC, and increasing reliance on the national labor, particularly as 95 percent of the national income of the country depends on oil, referring that the rate of Kuwaiti employees there does not exceed 20 percent. (end) kt.aff KUNA 271812 Jun 11NNNN
He added such vision is devised in accordance with the country's development plan, and aiming at pushing up the oil output to four million barrels per day (bpd) by 2020.
Al-Busairi made the previous remarks during a discussion at the National Assembly's special session today on a bill on the budget of KPC, and its subsidiary firms for the fiscal year (2011-2012).
He added "we have conducted last October a successful experience to raise the output capacity, and thanks to our national cadres, and their sincere efforts along with the help of some foreign consultant firms, we have been able to hit a n output of 3.5 million bpd." Al-Busairi also said that the global oil market will be in dire need during the third quarter of this year for some two million bpd, while there will be need in the last quarter of this year to 1.5 million bpd.
He also said that no world country, particularly from the member states of the Organization of Petroleum Exporting Countries (OPEC), has a surplus in its output capacity in order to fill such shortage except the Kingdom of Saudi Arabia, the State of Kuwait, and the United Arab Emirates.
He also said "we should not miss such opportunity, particularly under the soaring prices, and the increasing demand in the market, and we have the ability to meet such demand," asserting "this is an output policy in the interest of our country, and we are following it." He concluded by saying that Kuwait faces rarity in natural gas, "and we made investment and capitalist projects that we currently carry out with our best energies in order to reach se lf-sufficiency from natural gas in Kuwait," making clear that the country's output of associated natural gas amounts to 1.
1 billion cubic meters, and of free gas some 130 million cubic meters, "and we hope to reach an output capacity amounting to 1 billion cubic meters in 2016." On their part, MPs stressed the necessity of creating job opportunities for Kuwaitis inside KPC, and increasing reliance on the national labor, particularly as 95 percent of the national income of the country depends on oil, referring that the rate of Kuwaiti employees there does not exceed 20 percent. (end) kt.aff KUNA 271812 Jun 11NNNN
