(MENAFN - Kuwait News Agency (KUNA)) Chairman and Managing Director of Kuwait Oil Company (KOC) Sami Al-Rasheed said Saturday the success rate of the company's explorations for oil reserves in 2011 topped 100 percent.
"KOC's operations led to the discovery of large quantities of light crude and associated gas," Al-Rasheed told reporters on the occasion of the Gulf Petroleum Conference and Exhibition (GPCE-2012), due to be held here on April 9-10 under the patronage, and in the presence, of Kuwaiti Minister of Oil Hani Abdulaziz Hussein.
"This success is the fruit of the strategy of the company which prioritizes the human resources and manipulates the latest hi-tech achievements in collaboration with global companies," he noted.
Kuwait plans to expand its oil output capacity to four million barrels a day by 2020 and maintain this level through 2030.
"The country also plans to increase the free gas output capacity to 2.5 billion cubic feet per day, the heavy oil to 270,000 barrels daily which means adding to its daily production 750,000 barrels of oil, 1.5 billion cubic feet of free gas by 2030," Al-Rasheed explained. Dealing with KOC efforts to protect environment, he said the company managed last year to reduce the burning of associated gas to just 1.3 percent compared to 17 percent five years ago "which constitutes an all-time record low." The GPCE-2012 is an opportunity to interact with key player in the hydrocarbon industry in Kuwait and the GCC countries, as well as prominent decision and policy-makers in this vital sector.
The two-day gathering will be organized by Kuwait Petroleum Corporation (KPC) in collaboration with regional and global energy organizations such as OPEC, OAPEC and the IEA.