Tiny Persian Gulf nation Kuwait said it has increased oil production capacity to around 3.3 million barrels per day as it strives to achieve its target of four million bpd by 2020.
According to country s energy ministry, three million bpd are produced by the state-run Kuwait Oil Company and the rest comes from the neutral zone with Saudi Arabia.
KOC has successfully tested raising its output to three million bpd for the first time in line with its strategy of reaching four million bpd.
KOC production capacity now tops three million bpd, besides our share of around 270,000 bpd from the divided zone" with Saudi Arabia.
KOC expects to add a new production of 120,000 bpd by the end of October, boosting total output capacity to around 3.42 million bpd.
Kuwait's Oil Minister Sheikh Ahmad Abdullah al-Sabah said the state plans to spend $87 billion on oil projects until 2030. Kuwait says it sits on 10 percent of proven global oil reserves and currently pumps around 2.3 million bpd.
According to country s energy ministry, three million bpd are produced by the state-run Kuwait Oil Company and the rest comes from the neutral zone with Saudi Arabia.
KOC has successfully tested raising its output to three million bpd for the first time in line with its strategy of reaching four million bpd.
KOC production capacity now tops three million bpd, besides our share of around 270,000 bpd from the divided zone" with Saudi Arabia.
KOC expects to add a new production of 120,000 bpd by the end of October, boosting total output capacity to around 3.42 million bpd.
Kuwait's Oil Minister Sheikh Ahmad Abdullah al-Sabah said the state plans to spend $87 billion on oil projects until 2030. Kuwait says it sits on 10 percent of proven global oil reserves and currently pumps around 2.3 million bpd.
