Kuwait discovers oil field

29 December 2009

Northwestern reservoir will add 80,000 barrels of crude to daily production

Kuwait Oil Company (KOC) has discovered an oil field in the northwest of the country, said the company’s chairman and managing director on 23 December.

Sami al-Rushaid was attending celebrations to mark the company’s 75th anniversary and said the unnamed field would be able to produce 80,000 barrels a day of crude oil and 110 million cubic feet a day of natural gas.

Kuwait’s overall production capacity reached 3.12 million barrels a day (b/d) of crude oil in 2009, said Al-Rushaid. Domestic oil fields were capable of producing 2.85 million b/d and the country’s share of production in the Neutral Zone between Kuwait and Saudi Arabia was topping 270,000 barrels a day.

KOC wants to boost overall oil production capacity to 4 million b/d by 2020 by adding a series of new oil fields and boosting production at new reservoirs. The plan faces pitfalls however, according to analysts and senior industry executives.

A key component of the plan is producing 900,000 b/d of extremely viscous heavy oil from northern oil fields by 2020. However, Al-Rushaid recently said this has now been cut to 270,000 b/d. KOC declined to say where new production might be added to make up the shortfall.

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