KUWAIT CITY, July 20: Sheikh Nawaf Al-Saud Al- Sabah the CEO of the Kuwait Petroleum Corporation (KPC), said in a press statement that KPC intends to spend seven billion dinars ($22.92 billion) on oil production operations over the next five years in the Al-Durra offshore field. He noted that Kuwait will reach its production capacity of 3.2 million barrels per day before the end of the year, and then increase it to four million by 2035. This confirms what was published by the Al-Seyassah on March 3 under the title ‘Al-Durra on the track of implementation’.

Regarding the Al-Durra gas field, Al-Saud mentioned that the engineering studies will be updated by the end of the summer, and actual work will begin in the field before the end of this year. He added that KPC is seeking the cheapest financing options for its projects, relying on a combination of self-financing, borrowing, and partnerships with other entities. In another statement broadcast by CNBC Arabia, Al-Saud explained that production operations in offshore reservoirs typically require seven years, but they expect to start production from the Al-Nukhdha field in a shorter period.

An informed source told Al-Seyassah that KPC will finance its upcoming projects through the profits of its affiliated oil companies and will regulate borrowing from local and international banks as much as possible. Additionally, the source revealed that the CEO assured the CEOs of KPC’s subsidiaries that rumors about changes to the end-of-service bonus are false. The bonus and additional grants will remain unaffected.

By Najeh Bilal
Al-Seyassah/Arab Times Staff