To reach 4 million barrels of Kuwait’s oil daily production target by 2020

According to Dow Jones News, Nov. 30, Sami al-Rushaid, president and chairman of the Kuwait National Petroleum Corporation (KOC), revealed to the Middle East Economic Digest later on Monday that the company’s oil production will increase to 3.65 million barrels per day. Al-Rushaid expects KOC to invest approximately KD7 billion (about US$24.9 billion) in oil production in the next five years alone.

Al-Rushaid stated that, in addition, Kuwait is planning heavy oil production in its northern oil fields to reach 250,000-270,000 barrels per day, which is a gap to ensure that Kuwait will achieve its 2020 production target of 4 million barrels per day. s plan. This plan is currently being implemented, but it is expected that the first commercial production of about 60,000 barrels/day will be achieved by 2015.