Heavy oil pro­duc­tion starts in 2018: KOC

Kuwait Times - - LOCAL -

Heavy oil pro­duc­tion will be­gin in the end of the year 2018 with roughly 10 to 15 thou­sand bar­rels per day at Ratqa re­fin­ery, Chief Ex­ec­u­tive Of­fi­cer (CEO) of Kuwait Oil Com­pany (KOC) Ja­mal Jaa­far said yes­ter­day.

Speak­ing to re­porters on the side­lines of a con­fer­ence and ex­hi­bi­tion or­ga­nized by the As­so­ci­a­tion of Pe­tro­leum En­gi­neers, Jaa­far noted that the heavy oil pro­duc­tion will grad­u­ally in­crease to 60 thou­sand bar­rels per day six months af­ter pro­duc­tion starts. More­over, he un­der­scored that KOC re­mains dili­gent to bring its grand oil pro­duc­tion plan of churn­ing out 4 mil­lion bar­rels daily by the year 2020. Speak­ing on KOC’s oil pro­duc­tion ca­pac­ity, he said it has the potential to reach 2.8 mil­lion bar­rels per day, which highly hinges on the needs of the oil mar­ket. On tra­di­tional oil pro­duc­tion, the KOC CEO noted that it has largely dwin­dled, which prompted oil com­pa­nies to re­sort to un­con­ven­tional forms of oil pro­duc­tion, as he high­lighted the potential of GCC na­tions to cre­ate a thriv­ing heavy oil mar­ket. The three-day con­fer­ence and expo is pa­tron­ized by Deputy Prime Min­is­ter, Fi­nance Min­is­ter and Act­ing Oil Min­is­ter Anas Al-Saleh. —KUNA

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