Kuwait Will Boost Production Of Heavy Crude - Aims For 10X Increase By 2020

[hatrack]

(MENAFN - Kuwait News Agency (KUNA)) The KOC's Deputy Managing Director for Administrative and Financial Affairs, Ali Al-Shimiri, stated during an honorary celebration of media figures late on Saturday, that the company seeks developing its production output to reach 50,000 barrels per day by 2011, 250,000 barrels per day by 2015, and the final target is 700,000 barrels per day by 2020.

Al-Shimiri added that the company drilled several oil fields, discovering many "geological components in them in different locations."

He added, the field environment in those locations consist of high temperatures and high pressure, therefore the company is seeking latest technology to deal with such conditions.

He clarified; the KOC launched two projects, the reserve oasis "Rooh Al-Sahraa" in Burgan oil fields, southern Kuwait, with the aim of providing a refuge for local birds and desert plants in the area.

EDIT

http://www.menafn.com/qn_news_story_s.asp?storyid=1093157352

[soothsayer]

1. I'll assume we gave them a green light to slant drill under Iraq to get that oil

(like we did before when Saddam had to attack them to get them to stop)

[Snarkoleptic]

2. Big oil can still pinch the straw at the refinery level.

I believe that there was a recently killed proposal to build a giant refinery in South Dakota.

[Javaman]

3. Heavy crude, huh? why not the sweet stuff? Hmmmm, I can only wonder why...

**cough** peak **cough** oil **cough**