Major personnel changes are due to take place in September in the local oil sector. Nader Sultan, deputy chairman and chief executive officer of Kuwait Petroleum Corporation (KPC), is to retire and will be replaced by Hani Hussain, the current chairman and managing director of Kuwait National Petroleum Company (KNPC).
At upstream operator Kuwait Oil Company (KOC)Farouk al-Zanki, head of exploration and development and deputy chairman of the board, is to take over from Ahmed al-Arbeed as chairman and managing director. Sultan began his career in 1971 with KNPC and joined KPC as executive assistant managing director when the company was formed in 1980. He has held his present position at KPC, which oversees the country's energy sector, since 1993. No announcement has yet been made on who will replace Hussain at KNPC, which like KOC, is a KPC subsidiary. Al-Arbeed will leave his position at KOC to head up a new entity which will manage Project Kuwait, the proposed development by international oil companies (IOCs) of five northern fields. In early August, the Higher Petroleum Council approved the draft agreement covering the project, in a move that removes one of the main obstacles in the way of the request for proposals being issued. The moves are part of a wide-ranging management reshuffle planned across KPC and its subsidiaries. Full details of the changes are expected to be announced by Energy Minister Sheikh Ahmed al-Sabah in September. KPC plans to boost oil production capacity to between 4 million-5 million barrels a day (b/d) by 2020, up from about 2.4 million b/d at present (MEED 21:5:04).
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.