‘Reconsidering’ the oil strategy
KUWAIT CITY, April 25: The CEO of the Kuwait Petroleum Corporation, Sheikh Nawaf Saud Al-Sabah, has called on the KPC’s board of directors to reconsider the oil strategy, review the reasons for its delay in achieving it, and the extent of its realism, putting the facts on the table, and then start implementing it according to the available capabilities, reports Al-Rai daily quoting oil sources.
The sources said that despite reviewing the institution’s strategy more than once during the past years, changing the target numbers and keeping pace with each stage of time with global changes, there remains a delay in achieving them even with the change of executive departments and ministers.
The sources confirmed that the vision of the executive leadership of the corporation seeks to scrutinize the information in a more realistic manner for the capabilities, especially that the next stage requires the oil leaders to exert all their efforts and capabilities, according to what Al-Saud presented to the leaders in his meetings last week, when he asked them if they have exhausted all their capabilities before taking the challenges to the next level.
On the other hand, other sources saw the strategy and raising production capacity of KPC based on indicators and data that require expertise and huge budgets and great support to implement them in light of challenges that must be taken into account, most notably the old oil reservoirs and the increase in associated water, all of which require projects with high cost and diverse expertise.
The sources added that the focus of the executive leadership during the next stage is on realistic matters without embellishment, so that it can be dealt with and achieved in a practical way, especially since achieving production capacity has always been the main obstacle because of not implementing the strategy, which creates a need to learn about global changes and current Kuwaiti capabilities.