Stung by three consecutive annual crude oil production capacity losses at its flagship state upstream firm Kuwait Oil Company (KOC), Kuwait has pledged to increase production capacity to 3.5mn b/d by 2025. Capacity currently stands at less than 3mn b/d, with KOC’s capacity having fallen by 500,000 b/d over the past three years.
Hashem Hashem, CEO of KOC parent firm KPC, sought to downplay KOC’s sliding capacity on 22 October. Speaking to state news agency Kuna, Mr Hashem said 500,000 b/d of “potential capacity” is ready to be unlocked through capital projects, drilling and workover projects over the next two years. (CONTINUED - 984 WORDS)