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Kuwait to expand oil production and refining through 2020
The following report from Middle East Online indicates Kuwait may open new areas to international oil companies for exploration and development in an effort to boost oil output from 2.5 mb/d to 4 mb/d by 2020. In addition, refining capacity would increase by about 500,000 per day. Here it is:
Kuwait to upgrade vital energy sector
Gulf state of Kuwait plans to spend 51 billion dollars over next five years on oil development.
By Omar Hasan - KUWAIT CITY
The Gulf state of Kuwait plans to spend 51 billion dollars over the next five years to upgrade its vital energy sector which generates 95 percent of its revenue, a top oil executive said Monday.
“We plan projects worth 51 billion dollars for upstream and downstream projects in the oil sector… up until early 2013,” said Saad al-Shuwaib, chief executive officer of national conglomerate Kuwait Petroleum Corp (KPC).
The projects include raising Kuwait’s oil output capacity from 2.7 million barrels per day (bpd) to four million bpd by 2020, besides building a large refinery and upgrading existing refineries, he said.
Shuwaib told a conference organised by MEED magazine that the plan also includes crude export facilities and an intensive drilling project to raise output.
The new figure represents a sharp increase as initial estimates had projected spending around 66 billion dollars in the energy sector through to 2020.
Conference speakers attributed the increase to a surge in the cost of projects in general and the energy sector in particular over the past five years as a result of the spike in crude prices, which hit 100 dollars a barrel earlier this year.
The oil output expansion involves the controversial Kuwait Project which seeks the assistance of international oil companies to develop the nation’s northern oilfields, Shuwaib said.
The estimated 8.5 billion dollar project aims to double production to 900,000 bpd from four oilfields but has been stalled for more than a decade by the opposition-controlled parliament.
Shuwaib said KPC plans to expand its exploration of untapped areas in Kuwait, which is the fourth largest OPEC producer and sits on about 10 percent of global crude reserves. Current output is pumps around 2.5 million bpd.
“So far, we have only been working on less than one-third of Kuwait’s total area. Now, we plan to start exploration and drilling in other areas,” he said.
Ahmad al-Jeemaz, deputy managing director of Shuaiba refinery, told the conference that more than 20 billion dollars will be spent for the development of Kuwait’s downstream sector.
It involves the construction of a new 615,000 bpd refinery at a cost of 14.6 billion dollars and upgrading two of the three existing refineries in a multi-billion-dollar project.
The two projects will raise Kuwait’s refining capacity from the current 936,000 bpd to 1.415 million bpd by March 2012 when the new refinery is set to come on stream, he said. The Shuaiba refinery will then be retired.
Jeemaz said Kuwait plans to announce winners of the new refinery project next month.
Kuwait has prequalified 17 international companies which are bidding in consortia for the project, which was divided into four parts and will be implemented on the basis of a cost-plus profit margin.
Tags: energy investment
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3 responses so far ↓
1 favour lorra // Feb 27, 2008 at 12:02 pm
From Miss Favour Lorra,
My name is Miss Favour Lorra the only daughter of late Mr/Mrs Mathins Osu Lorra . My father and mother were very wealthy farmers and cocoa merchant when they were both alive.
After the death of my mother, long ago, my father was controlling their business untill he was poisoned by his business associates which he suffered and died. Before the death of my father on September 2005 in a private hospital here in Abidjan where he was admitted, He secretly called me his bed side and disclosed to me about the sum of Two million Five hundred thousand US dollars . USD ($2.5million ) he deposited in EUROPEAN SECURITy Company.
here in Abidjan Cote D’Ivoire
West Africa.
he deposited it as family valuables not as money for security reasons.
He also instructed me that I should seek for a foreign partner in any country of my choice who will assist me transfer this money in overseas for investment purpose,where it will be save and invested whisly. therefore, I am crying and seeking for your kind assistance in the following ways:
(1) To make provision where the the money will be saved
(2) To serve as a guardian of this fund since I am a girl of 19 years old.
(3) To make arrangement for me to come over to your country to further my education and to secure a resident permit for me in your Counry.I have plans to do investment in your country, like real estate and industrial production.
This is my reason for writing to you. Please if you are willing to assist me i will offer you 20% of the total money As soon as I receive your urgent reply indicating your interest to assist me to successfully transfer the money into your County,Then we shall move into the transfer process as i will be giving you the Contact of the EUROPEAN SECURITy Company where my late father deposited the money.
For the confidentiality of this transaction please strictly reply me.
Best regards from,
Miss Favour Lorra.
Emaill: favour_lorra [Email address: favour_lorra #AT# yahoo.com.au - replace #AT# with @ ]
2 Mrs Angela Elliot. // May 16, 2008 at 6:03 am
Mrs Angela Elliot.
Dearest One,
Nice to meet you, I am Mrs. Angela Elliot from Sierra-Leone.The wife of late pastor Willam Elliot The funder of Victory living church I deemed it necessary to disclose this important issue to you. I lost my husband during the rebel attacked in 2003 before his death, he deposited a Trunk box in a security firm here in Abidjan contains US$8.5 Millions Dollars and the security company where the consignment is been deposited too never knew the real content of the trunk box my late husband deposited the trunk box as containing family valuables for security reasons which I will give you more details as soon as I receive your positive response.
This money was for the purchase of plots of land and development of church building and enqupiment, unfortunately he did not meet his target before his untimely death.
Why I contacted you, is due to our present situation here in Abidjan, I stay under a refugee camp with my only son and were looking for a honest person that will help me and my son to uplift the consignment to overseas for an investment purpose. I was advised to look for a foreign account where the money can be transferred before I can have access to it.
Since security here cannot be guaranteed besides, I’ve lost my husband, I hereby ask you to do me a favour by standing as my late husband’s foreign business partner and the beneficiary of the money to enable the security company release the consignment.
I have plans to invest this money in continuation with the investment vision of my late husband, but not in this place again rather in your country. I have the vision of going into real estate and industrial production, please if you are willing to assist me and my only son Keneth, indicate your interest in replying soonest.
If you agree on this, I’ll give you 10% of the total share when the transaction is ben concluded while 5% will be given to you if you made any expense on the cause of the transaction. Waiting to hearing from you, please once I hear from you I’ll send you the contact of the security company for you to contact them for the claiming of the consignment. Please you are required to respond here for more details : angela_wilfred_eliot_family [Email address: angela_wilfred_eliot_family #AT# live.fr - replace #AT# with @ ]
Thanks for your anticipated co-operation,
Yours,
Mrs. Angela Elliot.
3 HELLEN PETER // Sep 28, 2008 at 9:06 am
Dearest Beloved
How are you doing today?, Actaully i need to explain myself to you before we can procced for any further relationship, Presently life has became a tragidy to me after the death of my late Father, Actualy it is very risk confiding in someone you never met before But i believe that the God who made me to come in contact with you will not let me down, I am in a sincere desire of your humble assistance, Please consider my condition and help me out with sincere and honest, My name is
HELLEN PETER, 21 Years old and the only survival of my late perents after the incident that happened in my Country Ivoire Coast West Africa,my email address is this
hellenpeter [Email address: hellenpeter #AT# hotmail.fr - replace #AT# with @ ]
Presently i am in a terrible situetion and will apreciate your humble assistance and ideas, Before the death of my late Parents I was aware of $4.5 Million Doallars ( FOUR Million Five Hundred Thousand United State Dollars) which my late Father deposited in one prime Secirity Company in a Metalic Trunk Box here in my Country Ivoire Coast, Presently the Security Company did not know the content as Money because it was deposited as Family Valuables for security reasons, I have also contacted the Company on how to retreived out that Trunk Box from their custody,
But my present condition and situetion did not modify me financialy, Presently to eat food is a problem for me Coupled with the political uprisis here in this Country, My dear Beloved I want you to help me get this Trunk Box retreived out from the Security Company and also be deliver to you in your Country, As soon as you received it You will now make a Traveling arrangement for me to come over to your Country in other to continue my Education and also to go into Business relationship with you,
Please dear If you find this mail offensive Please Ignor it and accept my appology, I will be looking forward to hear from you so that i can provide to you all the relevant Documents which was sign by my late Father on the day he made that deposite to the Company including the Company’s contact information, So that you can contact them immediately on how the Trunk Box shall be retreived and also be deliver to you in your Country, May God bless you for your understanding and sincere to assist me out.
Yours BelovedHonest
HELLEN PETER
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