Kuwait to send two-member delegation to attend COP28 climate change summit

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KUWAIT CITY, Nov 1: MEED magazine reported that the Kuwait Petroleum Corporation is planning to send a delegation of at least two negotiators to the COP28 climate change conference scheduled to be held in Dubai, United Arab Emirates, at the end of this November. The two negotiators will form part of a larger Kuwaiti delegation that will participate in the conference, according to informed sources in the industry, reports Al-Anba daily.

The magazine quoted a source as saying, “At the present time, it is expected that two or three members of the Kuwaiti delegation will play the role of negotiators specifically to make efforts to ensure that the Kuwait Petroleum Corporation obtains the results it seeks from the climate conference.”

Earlier this month, the magazine reported what was stated by the Vice Chairman and CEO of the Kuwait Petroleum Corporation, Sheikh Nawaf Al-Saud, that the corporation is currently looking to expand its production inside Kuwait as well as abroad.

Kuwait aims to boost its production capacity to 4 million barrels per day of oil by 2035, while its current production capacity is about 2.9 million barrels per day. It also plans to invest $10 billion annually over the next five years to raise production to a short-term goal of 3.2 million barrels per day.

Meanwhile, the country is currently preparing to drill its first offshore oil well as part of efforts to boost production.

Kuwait Oil Company’s first offshore exploration and drilling operations for oil and gas are expected to be completed in 2026.

The magazine said that if the drilling results are encouraging and as hoped, it is possible to begin new production operations, which will enhance Kuwait’s production of oil and gas.

In addition to utilizing new offshore resources, Kuwait is also looking to onshore exploration and enhanced oil extraction to provide additional supplies.

Kuwait is also looking to boost heavy oil production to reach its planned target, noting that it currently produces 60,000 barrels per day from heavy oil facilities.

The magazine explained, quoting Sheikh Nawaf Al-Saud, that in order to achieve the targeted production capacity of 4 million barrels per day by 2035, Kuwait has plans to invest a total of $410 billion, of which $300 billion will be in the form of traditional investment in the field of exploration and production, while it will be spent The remaining $110 billion is in the field of “energy transition and maintaining the competitiveness of this oil production capacity.”

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