Kuwait looks forward to oil production increase to 3 mm bpd

Oct 16, 2004 02:00 AM

Kuwait is looking forward to an oil production increase to 3 mm bpd.
"We are looking forward to an increase of the oil production to 3 mm bpd while preserving the reserves and prolonging the lives of our oil fields to ensure the prosperity of Kuwait and its citizens for as long as we can," Energy Minister Sheikh Ahmad Al-Fahd Al-Sabah was quoted as saying. Earlier on Oct. 10, Sheikh Ahmad said that Kuwait's oil production will reach 2.7 mm bpd soon.

To achieve the new target, a supreme committee comprising of representatives from the oil sector has been formed to study documents related to the northern oil fields project and finalize all the issues, including blue print of the contract and other legalities, said Sheikh Ahmad. He noted that all the documents related to the oil project will be presented to the Kuwaiti parliament after the approval of the concerned authorities.
"We have speeded up the completion of this study to enable Kuwait achieve the targeted production to meet the market demand," stressed the minister.

Stressing the importance of bringing modern technology possessed by foreign companies and technical experts, Sheikh Ahmad said that "we are working on improving the capability of national manpower."
"According to the terms and conditions included in the contracts, 60 % of the initial work force employed in the northern oil fields project will be Kuwaiti citizens. Subsequently, this will be increased to 80 %," he added.

Source: Xinhua
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