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.
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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