KUWAIT CITY, Oct 10: Kuwait’s Deputy Prime Minister and Minister of Oil, Minister of State for Economic Affairs and Investment, Dr. Saad Al-Barrak, said Kuwait plans to develop the infrastructure for the Durra offshore field, reports Al-Qabas daily. Al-Barrak emphasized the challenges faced by Kuwait in diversifying sources of income and sustaining the national economy, particularly in the context of the oil industry amidst climate change challenges, saying this initiative is a pivotal component of the government’s economic agenda for the seventeenth legislative term.

Conference
Addressing the conference, Al-Barrak unveiled the updated strategy for Kuwait Petroleum Corporation until 2040 and the energy transition strategy until 2050. He stressed Kuwait’s commitment, through the Kuwait Petroleum Corporation, to invest in the Kuwaiti oil sector’s growth, ensuring a continued global role in serving customers worldwide. He elaborated on Kuwait’s initiatives aligned with the government’s 2023-2027 work program and development plan, emphasizing the launch of the Strategic Petroleum Corporation’s directions until 2040 and the roadmap towards achieving zero carbon neutrality by 2050. Al-Barrak underscored the sector’s significance, responsible for over 90% of Kuwait’s revenues, and emphasized the need to overcome challenges to ensure timely project implementation and a consistent financial inflow to the state.

Sheikh Nawaf Saud Al-Sabah, CEO of Kuwait Petroleum Corporation, stated that the successful execution of the corporation’s capital projects would contribute to additional revenues of approximately $11 billion annually during the five-year plan. He emphasized the need for collective commitment from all sectors of Kuwaiti society to ensure the institution’s success and strategic economic balance. Ahmed Jaber Al-Eidan, CEO of Kuwait Oil Company, outlined the company’s ambition to reach a production capacity of 3.65 million barrels per day by 2035, maintaining this rate until 2040. He emphasized strategic improvements in oil extraction operations and exploration for new reserves to sustain oil and gas production operations. Al-Eidan mentioned strategies focused on enhanced oil recovery activities using carbon dioxide gas and exploring carbon dioxide gas collection and optimal storage methods.

Walid Al-Badr, CEO of Kuwait Integrated Petroleum Industries Company (KIPIC), revealed the imminent completion of the third refinery in the Al-Zour Refinery within days, aiming to achieve a total refining capacity of 615,000 barrels per day. This aligns with Kuwait Petroleum Corporation’s 2040 strategy to raise the state’s refining capacity to 1.6 million barrels per day. Wadha Al-Khatib, CEO of the National Petroleum Company, highlighted the company’s efforts in improving operational and environmental performance, resulting in high-quality and environmentally friendly products. She emphasized their significant environmental project, Environmental Fuel, as a milestone in Kuwait’s oil sector history. ShafiAl-Ajmi, CEO of Kuwait Petroleum International Company, mentioned the successful operation of all production units at the Duqm Refinery and anticipated full commercial operation by the end of 2023.

Contribution
Eng. Nadia Al-Hajji, CEO of the Petrochemical Industry Company, highlighted the company’s substantial contribution to the Kuwaiti economy, supporting financial returns to the state treasury exceeding $5.5 billion over the past decade. The company aims to continue growth in the petrochemical sector to align with Kuwait Petroleum Corporation’s 2040 strategic plan. Badr Al-Attar, Managing Director for Planning at Kuwait Petroleum Corporation, highlighted Kuwait’s investment of approximately $110 billion in capital projects for energy transition until 2050. This investment will involve partnerships and collaborations with various entities, aiming to reduce harmful emissions into the environment and support the state’s energy transition efforts.