KOC revenue hits USD4bn

(MENAFN) Kuwait Oil Company (KOC) said that profits in 2013-2014 hit USD4 billion, without revealing any other financial detail, Arabian Business reported. The company will increase crude oil production and develop the Jurassic gas fields in northern Kuwait, with a projected capacity of 1 billion cubic feet of non-associated gas, the CEO of KOC said. KOC plans to develop heavy oil wells in the northern parts and raise onshore and offshore explorations. The company would also diversify crude oil exports to normal crude, heavy oil and light oil. In another note, Kuwait produces about 930,000 barrels of oil rep day. It aims to increase its output to 1.4 million barrel per day.