Kuwait plans to more than double its number of drilling rigs by next year, said Hashem Hashem, chief executive officer of Kuwait Oil Company, Oman Times reported on Monday.
Kuwait Oil has signed at least $12bn in development projects during the last two years and will have 220 rigs in service by 2016 compared with its current force of 80. “We are growing our activity from the drilling side,” said Hesham.
The CEO said that Kuwait Oil will boost Kuwait’s daily output capacity by 150,000 barrels of oil per day to 3.15mn, a 5% increase from its current production, and 300mn standard cubic feet of natural gas.
The state oil producer will commission the first development phase of the Burgan oil field by the end of March, he added.
With a production capacity of about 1.7mn barrels a day, Burgan is the world’s second-biggest field, after Saudi Arabia’s Ghawar deposit.
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