Gulf Daily news
KUWAIT CITY: Kuwait has increased its oil production capacity to 3.3 million barrels of oil a day (bpd) and is hoping to reach 3.5m bpd in 2015, the head of its state oil company said yesterday.
Kuwaiti officials have previously said that capacity in the Opec member state was around 3.1-3.2m bpd.
"Kuwait has increased its production capacity to 3.3m barrels per day. It will reach 3.5m barrels per day by 2015," Kuwait Petroleum Corporation chief executive Nizar Al Adsani said.
Kuwait hopes to reach 4m bpd of capacity in 2020, despite slow progress in developing new projects. But Adsani said the GCC state needed more help from abroad to achieve that target.
"There is an urgent need to seek the assistance of foreign companies given the technologies and expertise that will contribute to the rationalisation of the use of the natural reserves we have," he said. He later said that Kuwait was evaluating bids for the first phase of a project to extract heavy oil in the north of the country.
