The Oil & Gas Year Kuwait 2014
In its ambition to increase oil production to 3.65 million barrels of oil per day (bopd), the Kuwait Oil Company is planning to spend $45.7 billion over the next five years. Kuwait Oil Company’s spending and development programme is part of reaching the Kuwait Petroleum Corporation’s production target of 4 million bopd by 2020.
Kuwait is enjoying a period of greater political accord following disagreements that held back oil and gas industry mega-projects for years. With these stalled plans finally on the move, the Kuwaiti government is turning its attention to expanding oil export markets such as East Asia and the importance of securing knowledge and technology transfer from international hydrocarbons operators.
Although it holds the world’s fourth-largest proven oil reserves, Kuwait faces obstacles in extracting heavy crude and maintaining production at mature plays. To make the most of the country’s production potential, the Kuwaiti government is considering ways to attract greater involvement from international companies capable of developing Kuwait’s hydrocarbons. But moves to bring more outside players into local fields are not without opposition.
Kuwait Direct Investment Promotion Authority director general Sheikh Meshaal Jaber Al Ahmad Al Sabah, said, “With the new legislation in place, improvements to Kuwait’s ease of doing business will appeal to local and foreign investors alike and will enhance our country’s regional and global integration.”
In fact ambitions go beyond exploiting local resources and onto building trade links across the Gulf and beyond. Many argue that making Kuwait a regional trade centre is going to require relaxing the country’s laws on foreign direct investment (FDI). Moves to do so – such as 2013’s passage of a new FDI law – while reducing the bureaucracy stalling FDI are ongoing. A relaxed business environment is raising hopes of increasing the amount of international investment.
Produced in partnership with the Kuwait Direct Investment Promotion Authority The Oil & Gas Year Kuwait 2014 interviews many leaders from industry and government including, Minister of Finance Anas K. Al Saleh, Petrochemical Industries Company CEO Asaad Ahmad Al Saad and Equate president and CEO Mohammad Husain. Packed with analysis, maps, graphs and diagrams The Oil & Gas Year Kuwait 2014 opens the doors on a market of global significance with a reputation as being hard to enter, a reputation it is trying to shake.