KPC spending $2bn annually on strategic projects, mulls pipeline lease-leaseback deals
KUWAIT: Chief Executive Officer of Kuwait Petroleum Corp (KPC) Sheikh Nawaf Al-Saud Al-Sabah said on Tuesday that all necessary approvals have been obtained from the Kuwaiti government to develop the offshore Durra gas field despite a lingering controversy with neighboring Iran. He said preparations are underway to develop the vital project along with Saudi Arabia, which owns half of the resources in accordance with an agreement between the two Gulf nations.
Kuwait Gulf Oil Company, a KPC subsidiary operating in the Neutral Zone shared with Saudi Arabia, has made progress on the Durra gas field project in partnership with Saudi Aramco, completing initial engineering designs. Kuwait is also seeking to implement a program to drill 15 offshore oil exploration wells, part of a broader push to boost reserves and production capacity.
Addressing the annual meeting of senior oil officials, Sheikh Nawaf also said KPC is spending around KD 2 billion in capital investments every year to boost the production capacity of some strategic projects. “We are studying the possibility of leasing and re-leasing (oil) pipelines in the country,” Sheikh Nawaf told reporters. (See Page 8)
