Dec. 12 (Bloomberg) -- Kuwait aims to boost output capacity by about a third to 4 million barrels a day by 2020 and maintain that level for about a decade by expanding its heavy crude deposits in northern fields, Kuwait Oil Co. Chairman Sami al- Rushaid said.
“To achieve the 4-million-barrels-a-day target, we need to develop our ‘very large’ heavy oil reserves,” he said today at a heavy oil conference in Kuwait City. Kuwait currently has a 3 million barrels a day capacity.
Kuwait, holder of about 8 percent of the world’s crude reserves, aims to start producing 60,000 barrels a day of heavy oil in 2016 by injecting steam into the deposits to heat the thick grade and make it flow to the wells, he said. The emirate plans to raise the output to 270,000 barrels a day by 2030, al- Rushaid said. The new blend will have an API from 11 to 18 degrees, he said.
KOC, as the company is known, is seeking the assistance of international oil companies to develop the heavy deposits, and it is still holding talks with them, he said.
KOC had talks with Total SA and Exxon Mobil Corp. about developing the heavy-crude deposits from fields in the north using advanced technology. Al-Rushaid said that his company hadn’t reached a final agreement with any company until now.
--Editors: Randall Hackley, Raj Rajendran
To contact the reporter on this story: Wael Mahdi in Kuwait at email@example.com
To contact the editor responsible for this story: Stephen Voss on firstname.lastname@example.org