The Oil & Gas Year Kuwait 2016
Kuwait's ambitious 2030 strategic plan to reach 4 million bopd by 2020, could not have come at a more dynamic time for the global oil industry highlighted by the global slump in oil prices and the entrance of Iran into the international market following the lifting of sanctions in late 2015. The Gulf nation hopes to sustain these production levels through the next decade.
With world oil prices falling by more than half beginning in the third quarter of 2014 and continuing today, the small Gulf nation has taken contrarian measures and radically expanded its upstream sector. In 2015, Kuwait Oil Company, a subsidiary of Kuwait Petroleum Corporation, announced plans to increase its onshore rig count by 50% from 80 to 120, while also revealing plans in September 2015 to explore offshore for the first time in almost 30 years.
As part of the nation’s ambitious expansion theme, the NOC’s downstream subsidiary, Kuwait National Petroleum Company, is modernising its facilities to not only handle this massive increase in petroleum, but to also refine the resources to a higher degree. Between the USD 12-billion Clean Fuel Project, a brownfield refinery integration development, and the USD 16-billion Al Zour refinery, a facility that has been in the works since the early 1990s, Kuwait's petroleum sector has continued to develop while the oil and gas sectors of other nations are stagnating due to the global slump in hydrocarbons prices.
The Oil & Gas Year Kuwait 2016 features interviews with Director-General of Kuwait Direct Investment Promotion Authority Meshaal Jaber Al Ahmad Al Sabah, Secretary-General of the Organisation of Arab Petroleum Exporting Countries Abbas Al Naqi, Kuwait Catalyst Company CEO Hasan Qabazard and dozens of public and private sector leaders to gather their opinions and observations on market conditions in Kuwait.