Kuwait oil additions smaller than hoped
Dubai, September 19, 2013
Kuwait Oil Company (KOC) expects to produce far less heavy crude from the Ratqa field and less light oil from the Jurassic field by 2020 than originally hoped, the head of the state run oil company said.
Exxon Mobil and KOC said they could produce up to 700,000 bpd of heavy oil from the Lower Fars reservoir of the Ratqa field by 2020 when they reached a preliminary deal in 2007, later abandoned, to develop it jointly.
KOC Plans to develop the project on Kuwait's northern border with Iraq have faced several setbacks since, while the tricky Jurassic gas field looks set to produce less light oil by the end of the decade than had been hoped for by 2015.
"We are expecting to produce 60,000 barrels of heavy oil per day from Ratqa (at start up) and then build up to 120,000 bpd by 2020, and 300,000 bpd for the Jurassic," KOC chief Hashim S. Hashim said in response to a question about how much the two projects would produce by 2020.
During a public question and answer session held by KOC on Twitter, he did not answer questions on whether Kuwait would be able to meet its overall target of reaching an oil production capacity of 4 million bpd by 2020, about 1 million bpd above its current production.
According to the US Energy Information Administration, original development plans for Jurassic were to produce 350,000 bpd of light oil, or condensate, by 2015.
It is not clear whether the condensate that is expected to be extracted from the Jurassic gas field forms part of the overall oil capacity target.
Slow progress on the technically challenging field presents another supply worry for a country hoping to quadruple its gas output by 2030, especially after shelving a major joint project with Saudi Arabia earlier this year.
Kuwait's oil production comes mainly from a few mature fields, dominated by the huge Burgan field in the south of the country. - Reuters
More Energy, Oil & Gas Stories
- ME oil, gas transaction value up 15pc
- Victrex to showcase new product in Paris
- Aramco JV puts off giant refinery overhaul to 2015
- Libya threatens to bomb N Korean tanker
- Bahrain 'producing 850MW of surplus power'
- 2,000 experts for Bahrain geosciences summit
- Libyan rebels start oil exports, bypassing govt
- Dubai drilling company set for London IPO
- Opec output soars on higher Iraq exports
- S Korea to pay Iran $550m under nuke deal
- Qatar LPG exports will stay unchanged till 2018
- $14bn Bahrain energy sector focus for summit
- Iraq now world's fastest-growing oil exporter
- Old IT systems pose risk to oil firms
- Thomson Reuters adds commodity monitoring tool
- Oil below $90 to hit GCC economies
- GlassPoint appoints new Oman director
- Sheffield company opens Dubai hub
- Oman targets big rise in gas output
- Intertek buys UAE firm for $66m
- Qaiwan to tender Baizan refinery EPC contract
- Al Maha wins Oman Air fuel supply deal
- Iran to become top gas importer by 2025
- UAE hydrocarbon projects seen hitting $11bn
- Summit focus on occupational safety
- Aramco names new senior VP
- Siemens gets $253m Qatar power contract
- Taqa-led group's India deal worth $1.6bn
- Taqa-led group to buy India power plants
- Iraq oil exports hit record 2.8m bpd