(MENAFN- Arab Times) Kuwait's crude oil production hit 2.8 million barrels per day (bpd) by the end of the fiscal year 2014-2015, less than the targeted 2.9 million bpd, the Kuwait Oil Company (KOC) said on Monday.
In its recently-issued 2014-2015 annual report, the company noted that the 140,000bpd shortage in output, was mainly due to the decline of production capacity south, east and north of Kuwait. The report attributed the decrease to the delay of contracts for derricks and maintenance of new wells, the latter for reasons related to deep drilling and repeatedly irregular electricity from the Ministry of Electricity and Water power distribution points.
The company noted that they had dug 376 new wells for crude oil and non-associated gas, 33 wells more than the targeted 343 ones for the past fiscal year, thanks to the enhanced performance of derricks.
As for the production of associated and non-associated gas, the company said that it hit 1.596 billion cubic feet daily, marking a rise of 187 million more than the targeted 1.409 billion cubic feet.
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