(MENAFN - Kuwait News Agency (KUNA)) Acting CEO of Kuwait Petroleum Corp. (KPC) Nabil Bouresly said Wednesday the Corp. made great achievements which reflected positively on its financial results last year.
"These achievements are the fruit of team effort, the integrated activities of KPC's affiliated companies and the strategy of the Corp.," he said in an address to the annual forum of the oil sector leaders here. "On top of the targets of this strategy are to rehabilitate and build the capacity of the human resources with emphasis on the national cadres given the fact that the human resources are the true mainstay of excellence and development," he pointed out.
Meanwhile, Ali Al-Shemmeri, CEO of Kuwait Gulf Oil Company (KGOC) - a KPC offshoot, said the company made headway in the Wafra Joint Operations (WJO) with Saudi Arabia in the Divided Zone.
"The two sides, acknowledging the fact that the agreements of 1956-1960 do not live up to their ambitions, are working to update these deals," he told reporters on the sidelines of the forum, expecting the updating to complete by the end of this year.
The WJO include using the latest technologies in the exploration and exploitation of the oil and gas resources, he noted, voicing hope for stronger support from KPC and the Ministry of Oil to the KGOC.