Kuwait prepares to get into oil exploration as they set their sails on an offshore program planning to start in two years. Kuwait expects the program to boost oil output capacity for the country.
Kuwait Oil Company’s Manager of Planning, Bader Al Attar, said the country’s plans are to add more than 700,000 oil barrels per day from offshore and onshore sources. Currently, most of the country’s oil production originates from the onshore Burgan field, which is the second largest in the world.
Attar told the media that Kuwait wants to up the production capacity of barrels per day to 3.5 million by the last quarter of 2015. He went to say that he expects an output capacity of 4 million bpd by 2020. One of the reasons that there is such a sense of urgency is that KOC hopes to make up for the production lost from two shut oil fields of theirs.
Attar and Kuwait have high hopes for increasing their oil production capacity in their search for new areas. In the meantime, they plan to milk their other energy investments.