Kuwait to develop its gas resources with foreign firms

Feb 23, 2009 01:00 AM

Kuwait will develop its gas resources in partnership with foreign oil companies despite opposition from parliamentarians that has stalled most of the country's oil projects.
Mohammed Hussein, the deputy managing director for planning and gas at the Kuwait Oil Co., or KOC, said the country would aggressively explore gas fields for the next 5 to 10 years.

Hussein added that parliamentarians who blocked foreign investment in Kuwait's oil and petrochemical sectors would be unlikely to oppose gas development partnerships because of the country's worsening electricity shortage. KOC expects to bring an additional 2 bn cfpd of gas into production in the next seven years and will spend up to $ 9 bn on drilling infrastructure, Hussein said.
Kuwait's gas fields are at depths below 4,000 meters, making it dangerous to extract and all the more important for foreign partnerships to provide the proper technology, Hussein added.

Source / Dow Jones & Company, Inc.
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