KUWAIT: Kuwait's oil production capacity, above 2.8 million barrels per day (bpd) now, will reach 3 million in 2025, the CEO of Kuwait Oil Company Ahmad Al-Aidan said on Sunday. Aidan added in a statement to journalists on the sidelines of the KOC’s big data galaxy conference and exhibition that the company intends to spend about KD13 billion, nearly $2.42 billion, on oil-related projects during the next five years. Aidan reiterated Kuwait’s commitment to the cuts decided by OPEC and OPEC+ in early June.
OPEC+ had announced on June 4 its second round of production cuts since April, opting to reduce its crude oil production by 1.4 million barrels per day during 2024. The members have also extended their implementation of a voluntary reduction until the end of 2024, instead of increasing production at the end of 2023 as previously announced. Aidan underlined national commitments towards an output target of four million bpd by the year 2035. An emphasis on technology KOC’s big data conference is one of many initiatives the company has been taking to highlight the role technology could play in Kuwait’s oil industry.
The conference included a series of seminars and workshops on the latest trends, challenges and opportunities related to big data and artificial intelligence. The goal is to draw a roadmap for a future in which big data will enable the exploration and production sector to prosper in a rapidly changing world, according to Kuwait’s state media agency KUNA. In his opening speech, Aidan said innovation and sustainability are two main pillars in the development of KOC's business. He noted that the world is at a juncture where technology and data are converging, which "opens up unprecedented opportunities”.
"The development witnessed by the oil and gas industry will lead to a new era of innovation, sustainability and growth,” he said, calling for taking advantage of big data and digital technologies to reshape the way hydrocarbon resources are explored and extracted. Despite its importance, digital transformation is one of the biggest challenges for leaders, as it requires the need to build the capabilities of employees to combine specialized technical skills and the ability to use and integrate software, Ali Al-Janabi, an executive with Shell, told the audience.
But these challenges could be overcome, Weatherford Kuwait director Ashutosh Panchal said in his speech. "Automation in the energy sector is no longer just an option, but a necessity that continues to play a growing role in achieving operational efficiency and productivity,” he added. The use of artificial intelligence, for example, helps keeping pace with digital development and directly contributed to reducing operational costs and increasing productivity, said Janabi. – Agencies