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KUWAIT: CEO of Kuwait Petroleum Corporation (KPC) Sheikh Nawaf Saud Al-Sabah speaks to reporters on Tuesday. - KUN
KUWAIT: CEO of Kuwait Petroleum Corporation (KPC) Sheikh Nawaf Saud Al-Sabah speaks to reporters on Tuesday. - KUN

Kuwait boosts oil output to over 3.0 million barrels a day: KPC CEO

Kuwait to purchase 1 GW of electricity from Gulf grid

KUWAIT: Kuwait has boosted its crude oil production capacity to “over 3 million barrels per day by the end of last year” CEO of Kuwait Petroleum Corporation (KPC) Sheikh Nawaf Saud Al-Sabah said on Tuesday. Speaking to reporters, Sheikh Nawaf said that KPC is working to increase the country’s crude oil production capacity to around 4 million barrels per day by 2035 based on its strategic plan.

A part of the production comes from Kuwait’s share of the Neutral Zone with Saudi Arabia, estimated at around 500,000 bpd. Kuwait has been vying to raise its output capacity to beyond 4 million barrels per day for the past few decades. Kuwait’s production quota as per OPEC+ agreement is around 2.7 million bpd, but it is exporting lower than this to account for domestic consumption of around 400,000 bpd.

Kuwait on Monday announced the second oil and gas offshore discovery in a few months in Al-Julaia area. The reserves are estimated at 800 million barrels of crude oil and 600 million cubic feet of natural gas. Sheikh Nawaf also said engineering studies were conducted for the production of natural gas from the Durra gas field. Iran claims a part of the gas-rich field, although it is far from the Islamic Republic.

Kuwait and Saudi Arabia equally share the Durra field and Sheikh Nawaf said the studies were conducted in cooperation with Riyadh. He however did not say when drilling will start to produce the gas. The field is estimated to contain roughly 10 trillion cubic feet of gas and around 300 million barrels of crude oil. Iran has repeatedly rejected plans by Saudi Arabia and Kuwait to start drilling in the field, saying that the dispute must be resolved first.

Meanwhile, a top official at the ministry of electricity and water and renewable energy said on Tuesday that Kuwait is negotiating with members of the Gulf Cooperation Council (GCC) power grid to purchase 1,000 megawatts (one gigawatt) of electricity in the summer to account for production shortages in Kuwait.

Power consumption has been rising steadily in summer months in Kuwait, where temperatures rise above 50 degrees Celsius. Plans to produce electricity locally have been slower than rising demand. Last year, Kuwait resorted to programmed cuts in electricity supplies to industrial and residential areas despite securing 500 MW pf power from the GCC grid.

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