(MENAFN - Kuwait News Agency (KUNA)) Kuwait's average oil output, including the production of the divided area between Kuwait and Saudi Arabia, is estimated at three million barrels per day, Kuwait Oil Company (KOC) Chairman and Managing Director Sami Al-Rshaid said here Sunday.
Speaking to reporters on the sidelines of the 3rd KOC "Sharing Best Practices" Conference held at the Hilton Hotel, Al-Rshaid said Kuwait's average oil output is in the neighborhood of three millions pd.
He added that his company is interested in keeping this level of production unchanged.
On Kuwait's gas production, he said it ranges between 130 million and 140 million cubic feet per day, noting that gas is a core component of the strategy of the KOC and Kuwait Petroleum Corporation (KPC).
For his part, KPC CEO Farouk Hussein Al-Zanki said his corporation targets its heavy oil output to be in the range of 200,000 and 267,000 barrels per day by the end of this year.
Speaking to reports on the sidelines of the Conference, Al-Zanki said heavy oil production would contribute to maintaining the production of four million barrels, in addition to other types of oil.
He said: "Heavy oil is a significant part of the KPC's 2030 strategy targeting an output of 200,000 and 267,000 barrels of heavy oil pd." But, he said heavy oil production is closely linked to a new refinery project, which would give heavy oil an added value.