The CEO of the Kuwait Petroleum Corporation Sheikh Nawaf Saud Al-Sabah has asked the Board of Directors to review the oil strategy, the reasons for its delay in achieving the objectives and the extent of its realism, putting the facts on the table, and then start implementing them according to the available capabilities.
A local Arabic daily quoting sources, said despite reviewing the institution’s strategy more than once over the past years, changing the target numbers and keeping pace with each stage of time with global changes, there remains a delay in achieving them even with the change of executive departments and ministers.
The sources confirmed that the vision of the executive leadership is to scrutinize the information in a more realistic way for the capabilities, especially that the next stage requires the senior oil officials to exert more efforts and capabilities, based on what Al-Saud presented to board members during his meetings last week, when he asked them ‘Have you exhausted your capabilities before taking the challenges to the next level?’
On the other hand, other sources saw the KPC strategy of raising production capacity based on indicators and data that require expertise and huge budgets and great support to implement them in light of challenges that must be taken into account, most notably the old oil reservoirs and the increase in associated water, all of which require projects with high cost and diverse expertise.
The sources added that the focus of the executive leadership during the next stage is on realistic matters without embellishment, so that it can be dealt with and achieved in a practical way, especially since achieving production capacity has always been the main obstacle by not implementing the strategy, which creates a need to learn about global changes and current Kuwaiti capabilities.
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