According to the Oil Price website, while other Middle Eastern nations are actively seeking to diversify their energy portfolios, Kuwait seems to be fully committed to achieving its oil and gas aspirations.
The Kuwaiti government has declared its ambition to emerge as a major producer within OPEC, aiming for a significant surge in production in the forthcoming years. Despite global expectations of a decline in demand for oil and gas, Kuwait is placing a bet on the enduring vitality of this industry. This commitment is evidenced by its ambitious production goals for the coming decades, supported by substantial investments and expansions in the sector, including production and derivatives, reports Al-Rai daily.
While numerous countries are transitioning to green energy, Kuwait is striving to establish itself as a prominent international player in the oil and gas market, capitalizing on the existing demand for fossil fuels.
An article on the website revealed Kuwait plans to escalate oil production in the next four years from its present output of 2.7 million barrels per day to 3.15 million barrels per day. Additionally, Kuwait aims to boost its gas production by 70 percent during the same period.
Currently ranking as the fifth largest oil producer in OPEC after Saudi Arabia, Iraq, the UAE, and Iran, Kuwait has maintained its commitment to OPEC Plus production cuts, reducing production by 128 thousand barrels per day. However, Iran, exempted from the cuts, surpassed Kuwait’s production. Kuwait’s current share of OPEC production stands at 2.676 million barrels per day.
Despite temporary production reductions, Kuwait is optimistic about a significant increase in its oil production in the next decade. This aligns with the objectives of Saudi Arabia and the UAE, each planning to augment production by 1 million barrels per day in the upcoming years.
The website highlighted estimates suggesting that Kuwait possesses substantial oil reserves of around 100 billion barrels, positioning it to exploit these resources before global demand declines due to the shift towards clean energy.
Deputy Prime Minister and Minister of Oil, Dr. Saad Al-Barrak, announced a new strategy to boost production by developing the Dorra gas field in collaboration with Saudi Arabia. The Petroleum Corporation aspires to elevate its oil production capacity to 4 million barrels per day by 2035, with investments amounting to $410 billion. The proven gas reserves in the Durra field are estimated at 20 trillion cubic feet, with production set to commence by 2029.
Regarding the Kuwait Oil Company, responsible for 90 percent of Kuwait’s oil production, it anticipates its maximum gas production capacity to reach 1.5 trillion cubic feet by 2040. The company recently secured several oil and gas contracts valued at $3.25 billion and recorded net profits of $8.48 billion for the fiscal year 2023-2024, marking its highest level in a decade.
On the front of oil derivatives, the Oil Price website projected that the Kuwait Integrated Petroleum Industries Company (KIPIC) would commence operations at the Al-Zour refinery this month, boasting a maximum production capacity of 615 thousand barrels per day.
By the end of this year, Kuwait Petroleum International expects to launch full commercial operations of the Duqm refinery in Oman. Simultaneously, the Kuwait Foreign Petroleum Exploration Company (KUFPEC) is engaged in serious negotiations to acquire the largest gas field in Asia, although details remain undisclosed.
The website emphasized Kuwait’s substantial investments in securing the future of its oil and gas industry, in stark contrast to many neighboring countries focusing on diversifying their energy sectors.
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