- Kuwait says the discoveries will help it hit 2030 production targets
- Kuwait Oil Company is targeting production of 4 million barrels of oil a day
- Oil production was 3.15 million barrels a day as of November 2014
Kuwait has announced the discovery of four new oil fields in the north and west of the country, something it says will help it hit its 2030 production targets.
Speaking to state-controlled news service, Kuwait News Agency (Kuna) the CEO of upstream operator Kuwait Oil Company (KOC), Hashim Hashim, said that the discovery will boost Kuwaits oil reserves and contribute to increasing long-term crude oil production and ultimately achieving the countrys 2030 production target.
Kuwait is currently targeting production of 4 million barrels of oil a day (b/d) and one billion cubic feet a day (cf/d) of gas by 2030.
Oil production as of November 2014 was 3.15 million b/d. This is 40.6 per cent higher than production levels in 2000 when output stood at 2.24 million b/d.
Hashim said that the new discoveries come after exploration operations conducted by KOC over the last two years.
He added that KOC would continue its exploration operations despite continuing low oil prices.
Development of the fields will take place now and production will start in a short period, Hashim said.
It is expected that gas will be produced from the newly discovered fields as well as light crude.
KOC did not give details on the size of the discoveries or flow rates from exploratory wells.
The latest announcement from KOC comes amid concerns that Kuwait will not be able to hit its production targets due to political disputes that have delayed major upstream projects.