(MENAFN - Kuwait News Agency (KUNA)) Kuwait Gulf Oil Company (KGOC) is expected to produce 350,000 barrels a day within three years from its current output of 245,000, the company's Chairman and Managing Director Hashim Al-Rifaee said Sunday.
"With reaching its target production level, the company would be the first to fulfill its obligations according to KPC's strategy of reaching a production level of four million barrels a day by 2020," Al-Rifaee told Kuwait News Agency (KUNA) in an interview.
KGOC works under the mother company KPC (Kuwait Petroleum Corporation) and is responsible for the management of Kuwait's share of the natural resources in Wafra Joint Operations, located in the divided zone with Saudi Arabia, and Khafji Joint Operations, located near Khafji, Saudi Arabia, that straddles the border between the two countries.
"KGOC's achievements in the last 10 years were excellent, yet the next 10 year will be the most difficult and challenging," Al-Rifaee pointed out.
He explained that these challenges are represented by production methods such as steam flooding.
In steam flooding, sometimes known as steam drive, some wells are used as steam injection wells and others are used for oil production. These mechanisms are at work to improve the amount of oil recovered.
On the occasion of the company's 10th anniversary, Al-Rifaee congratulated employees, who reached 1,450, 83 percent of whom are Kuwaiti.