Oil sources have stated that the state-owned Kuwait Oil Company is continuing to compensate for the quantities of oil and gas produced by adding new oil reserves at a rate of no less than 100% to ensure sustainable production. The company is also working to supply the Al-Zour refinery project with the required quantities of various types of crude oil upon its operation and is implementing initiatives to reduce and rationalize expenses for capital and operational budgets by 10% in accordance with the instructions of the Cabinet and the Kuwait Petroleum Corporation.
The company aims to improve and develop production methods by utilizing the best modern technology, working on enhancing the company's capabilities in employing Enhanced Oil Recovery (EOR) technologies through the implementation of pilot projects to achieve the targeted production capacity. It also aims to maintain the gas flaring rate below 1% at the Kuwait Oil Company, as reported by the Al-Anbaa newspaper.
The company is working on implementing several important projects in 2021 to increase crude oil production capacity in line with strategic directions. It looks forward to continuing the execution of production enhancement projects, such as Gathering Center 31 in northern Kuwait, to contribute to increasing production capacity in the northern region. Additionally, the company aims to continue construction works for Gathering Center 32 in the southern and eastern Kuwait operational area to handle sour oil production from the Munqash field in the Burgan oil field. Notably, the company has an intensive drilling program to develop newly explored oil fields.
Sources mentioned that “Kuwait Oil” has set several programs to implement this year focused on treating and injecting water into fields to raise their production capacity and maintain the capacity of free gas, aiming to increase it from 500 million to 1 billion cubic feet. This will be achieved by improving the productivity of the three Jurassic production units, along with ongoing projects for the fourth and fifth facilities this year, as well as commencing marine drilling projects as part of onshore and offshore exploration efforts to support the company’s production capacity.
