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Kuwait Overview

Kuwait

in figures

Proven oil reserves:101.5 billion barrels

Oil production:3.05 million bopd

Proven natural gas reserves:1.78 tcm

Gas production:17.5 bcm

Kuwait: Reconfiguring the Downstream

Kuwait holds the fifth-largest oil reserves in the world, amounting to an estimated total of 101.5 billion barrels. The country’s petroleum export revenue accounts for more than half of its GDP and 95% of government income. Despite the global reduction in crude oil prices, Kuwait announced that it would spend USD 155 billion between 2015-2020 on 523 projects through it National Development Plan. USD 40 billion is earmarked for upstream developments and another estimated USD 40 billion for downstream projects. Kuwait Oil Company, the upstream subsidiary of Kuwait Petroleum Corporation, has set the ambitious target of raising its current production rate from 2.9 million bopd to 4 million bopd by 2020.

To accomplish this goal, Kuwait plans to implement EOR techniques and advanced technologies such as solar-powered turbines and steamflooding at heavy oilfields. In March 2014, GlassPoint Solar, producer of the USD 600-million, 1-GW concentrated solar power plant at the Miraah site in Oman, opened its first offices in Kuwait. Prior to the halt in operations at the Partitioned Neutral Zone, Kuwait Gulf Oil Company along with Saudi Arabian Chevron were engaged in efforts to launch a large-scale steamflood project to raise production at the Wafra oilfield. Also anticipated in 2018 is the country’s Lower Fars Heavy Oil Development Programme at the Ratqa oilfield.

To boost downstream capacities, Kuwait’s Clean Fuel Project will refurbish and upgrade facilities at the Mina Al Ahmadi refinery, built in 1949, and the Mina Abdullah refinery, built in 1958. To be completed in 2018, the expanded and combined infrastructure will increase output from 736,000 bopd to 800,000 bopd. In addition to works at the Clean Fuel Project, Kuwait’s Al Zour refinery is expected to come on line by 2019 with a capacity of 615,000 bpd, increasing Kuwait’s total refining capacity to 1.4 million bpd.

The Oil & Gas Year Kuwait 2019 is the most up-to-date and comprehensive report on the country’s hydrocarbons industry. The publication provides in-depth articles to highlight the entire value chain of the country’s hydrocarbons industry, from E&P to the midstream, downstream, power generation, oilfield services, finance and engineering and construction industries.

AL THARWA AL MUTTAHIDA GENERAL TRADING & CONTRACTING
Interview
Kuwait - December 31, 2019

Assaf Al Salem, managing director of Al Tharwa Al Muttahida General Trading & Contracting, talks to TOGY about demand for…

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KUWAIT FINANCE HOUSE
Interview
Kuwait - November 26, 2019

Mazin Saad Al Nahedh, group CEO of Kuwait Finance House (KFH), talks to TOGY about the diversification of Kuwait’s economy,…

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Emad Al Sultan of Kuwait's KOC
Interview
Kuwait - October 25, 2019

Emad Al Sultan, CEO of Kuwait Oil Company (KOC), talks to TOGY about how the company plans to reach Kuwait’s oil and gas…

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Interview
Kuwait -

Manaf Abdulaziz Alhajeri, CEO of Kuwait Financial Centre “Markaz,” talks to TOGY about Kuwait’s approach to…

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Filip Bjorklund
Interview
Kuwait - August 06, 2019

Filip Björklund, managing director of GAC, talks to TOGY about the outlook for the marine and logistics industry and how supply…

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TOGY and Kuwait’s KDIPA sign MoU
NEWS
Kuwait - July 18, 2019

The Oil & Gas Year (TOGY) and Kuwait Direct Investment Promotion Authority (KDIPA) are pleased to announce that they have…

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Ravi KASHYAP, Senior Vice-President of Operations, GCC/ME of PETROFAC
Interview
Kuwait - January 29, 2019

Ravi Kashyap, senior vice-president of operations for the GCC and Middle East at Petrofac, talks to TOGY about the importance of building relationships in such an…

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New CEO of Kuwait’s NOC appointed
NEWS
Kuwait - December 26, 2018

Hashim Sayed Hashim has been appointed CEO of Kuwaiti NOC Kuwait Petroleum Corporation, international media reported on Wednesday.

Hashim will also assume the…

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New Kuwaiti oil minister named
NEWS
Kuwait - December 24, 2018

Khaled Al Fadhel has been appointed as Kuwait’s new minister of oil, local and international media reported on Monday.

Al Fadhel, who previously worked at the…

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