Kuwait will begin heavy oil production by the end of 2018, with roughly 10,000 to 15,000 b/d at Ratqa refinery, KUNA reported. Kuwait Oil Company’s (KOC) CEO, Jamal Jaafar, noted that the heavy oil production will gradually increase to 60,00 b/d six months after production starts, informed Arab Times.
Jaafar added that KOC remains diligent to bring its grand oil production plan of churning out 4m b/d by 2020. Speaking on KOC’s oil production capacity, he said it has the potential to reach 2.8m b/d, which highly hinges on the needs of the oil market.
Furthermore, Jaafar said that the recent OPEC decision to cut production beginning in January would not affect Kuwait’s oil investment plans.
Meanwhile, Jaafar noted that the resumption of oil production from oilfields jointly operated by Saudi Arabia and Kuwait will take time and may face obstacles. He said: “The joint Khafji and Wafra fields will need some rehabilitation before they resume production.”
Saudi Arabia and Kuwait were expected to agree in December to resume oil production from the jointly operated oilfields in the Neutral Zone fields , mainly Khafji and Wafra, that lie between both countries.