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Kuwait to raise non-associated gas output to 500million CF - Minister
April 16, 2018, 2:43 pm
Oil Minister Bakhit Al-Rashidi speaking at opening of the Fifth Kuwait Oil and Gas Conference and Exhibition.

The State of Kuwait plans to raise production of non-associated gas to nearly 500 million standard cubic feet per day by end of 2018, Oil Minister Bakhit Al-Rashidi announced on Monday.

Kuwait consumption of natural gas is about 60% for refining and petrochemical sector while the remaining 40% for power generation sector, said the minister in his keynote speech at opening of the Fifth Kuwait Oil and Gas Conference and Exhibition.

Kuwait Petroleum Corporation has realized the growing role of the private sector and moved early on to outsource many services and materially locally, thus contributing to the growth and competitiveness of the private sector. The execution of long-term strategy will enable the oil sector to move forward and adapt to the future successfully, he said.

"Hence, we can meet our share within the growing energy demand worldwide as a reliable producer and supplier of oil to the world, as well as maintain economic sustainability and prosperity for the state of Kuwait, enhancing and strengthening KPC's future role and the Kuwait economy," said Bakhit, also the Minister of Electricity and Water.

He stated further, "We believe that the future expansion of energy demand requires timely investments in all forms of energy. We urge for the development of clean fossil fuels and for the promotion of associated technologies including the effective usage of carbon capture and storage."

This would indeed require global collaboration that ensures gradual pursuance based on commercial viability as well as technical feasibility. Kuwait aspires to assure that it is fully committed to contribute to the security of supplies to the international markets through continuing investing in expanding its capacity."

For his part, Nizar Al-Adsani, the KPC CEO, said KPC's 2040 strategic direction has set an ambitious road map for the Kuwaiti oil sector to execute mega projects inside and outside the State of Kuwait on various aspects, with the ultimate goal to maximize revenue generation to the Kuwait's economy.

He stated, "We plan to invest KD 34 billion KD over the next five years on these projects. Inside Kuwait, the oil and gas growth strategy is bridging the demand gap, as well as making energy more accessible to consumers in emergent economies and the developing world.

This strategy includes achieving four million barrels per day of crude oil production by the year 2020 and creating the mechanisms to maintain such production levels." Furthermore, we will be maximizing exploration activities, as well as the development and production of non-associated natural gas in Kuwait with a target to achieve 2.5 Billion Standard Cubic Feet per day by the year 2040.

Furthermore, KPC is expanding its refining capacities and capabilities both domestically and internationally." We in KPC believe that petrochemicals is an important arm to maximize KPC's Value Chain returns and we are focusing on expanding our commodity chemical portfolio."

KPC will seek benefit from the experience and the technological advantages of joint venture partners to reach further down the hydrocarbon chain and ensure diversification towards specialty and derivative petrochemicals." KPC provides additional job opportunities for over 13,000 to join us during the 2040 Strategic Directions Implementation.

In addition to 100,000 in-direct job opportunities through contractors. Our employees are our most valuable investments and we focus on developing their capabilities and skills. We believe the focus of any successful strategy centers on human competency development.

Such a strategy maintains the excellence required provided through the strength of our human resources. We continuously encourage the sharing of best practices and collaborative work amongst members of the oil sector.

Source: KUNA

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