Kuwait plans to spend $7bln on heavy-oil projects.

Kuwait, the third-largest producer in OPEC, plans to spend about $7 billion to develop heavy-oil fields even with crude prices near five-year low.

The first phase of the heavy oil production project will cost $4.2 billion, with contracts to be awarded by the end of this year, said Hashim Hashim , chief executive officer of Kuwait Oil Company (KOC) .

KOC plans to pump 60,000 barrels a day by 2018 in the project’s first phase , he added according to state run news agency – KUNA.

[tbpspa]

Moreover, Hashim added that KOC is going through with executing the second phase of natural gas development to reach its target goal of producing 500 million cubic feet a day by 2020.

Similarly, Well Surveillance Manager at KOC Saeed Al-Shaheen emphasized that KOC will increase its heavy oil production gradually until it reaches its target output of 270,000 barrels a day by 2030.

He noted that Well Surveillance is responsible for providing the project’s operational equipment, hardware and other services.

Via : KUNA

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