Kuwait able to increase oil ‘output’ in line with OPEC+, says oil minister

Al-Fares to participate in Saudi Green Initiative (SGI) forum

KUWAIT CITY, Oct 21, (KUNA): Kuwaiti Minister of Oil and Higher Education Dr. Mohammad Al-Fares will participate in the Saudi Green Initiative (SGI) forum that will be held this Saturday in Riyadh with higher Kuwaiti delegation, under the theme “A New Era of Action: Oasis Alive”.

The inaugural edition of SGI will bring together global leaders of government, business, finance, and civil society to fight climate change, reverse land degradation, protect marine life, and preserve biodiversity.

This invitation-only event will also see the Kingdom present exclusive insights into the SGI strategy, including the goal to achieve 50 percent of renewables by 2030 and to plant 10 billion trees over the coming decades.

Al-Fares will participate together with four ministers in one of the main sessions of this important event.

Minister of Oil and Higher Education Dr. Mohammad Al-Fares announced today before going to the Saudi capital, that the State of Kuwait has been and will continue to be a secure and reliable supplier to the global oil market within its active role in OPEC and OPEC+.

Confirmed

He confirmed that the State of Kuwait has fulfilled its commitment towards production level agreed upon within OPEC+, which have been critical to bring the oil market into equilibrium. Furthermore, the State of Kuwait has begun its gradual increase of production output in line with agreed additional quota of 400,000 barrels per day. He also confirmed that Kuwait is able to increase its production to meet international markets need while maintaining market balance under the umbrella of OPEC + agreement.

Furthermore, he explained that the Oil Sector is moving according to an approved Strategic Directions and have set the needed investments to increase production capacity as per these plans. The Strategic directions for domestic upstream calls for achieving a sustainable crude production capacity inside the State of Kuwait (including Divided Zone) of 3.5 million bpd in 2025 and 4 million bpd in 2035 in 2035 and maintain these level up to 2040.

This will be also coupled with replacing produced oil volumes with additional reserves to maintain an effective role for the State of Kuwait within OPEC and to ensure satisfying oil market’s demand needs, and secure supplies, he said.

He continued that these directions were translated into an ambitious roadmap that includes initiatives and capital programs. It shall be noted that Kuwait Oil Company is actively implementing this plan through multiple projects that include (but not limited to) Gathering Centers, water treatment and injection plants in addition to an integrated drilling program.

Finally, Dr. Al-Fares acknowledged the efforts of KOC employees and management towards achieving these targets despite the difficult times associated with the widespread of Covid-19 virus which is still affecting the world. He also emphasized the ongoing collaboration and team efforts within the Kuwaiti Oil Sector to maintain the State of Kuwait image and reputation and fulfilling its commitment to the International Markets.