No Substitute To Crude Oil In The Near Future -- KPC CEO

1/21/2025 10:12:13 AM

(MENAFN- Kuwait News Agency (KUNA)) KUWAIT, Jan 21 (KUNA) -- Chief Executive Officer of Kuwait petroleum Corporation sheikh Nawaf Saud Al-Nasser Al-Sabah on Tuesday affirmed that there would be no substitute to oil as an energy resource in the near future and the situation would remain unchanged for decades to come.
Sheikh Nawaf Saud was speaking to journalists during the three-day Regional Clean Sea Organization (RECSO) Oil Spills Conference, themed "sustainably clean seas."
The conference is significant as it will affirm the necessity to preserve the marine environment and combat oil leaks, he said, recalling that Kuwait witnessed 34 years ago a grand environment catastrophe when the oil wells were set ablaze during the blatant Iraqi aggression.
He revealed that he had the honor, along with the Minister of Oil Tareq Al-Roumi and Kuwait Oil Company Chief Executive Officer Ahmad Al-Eidan, yesterday, to break the news to the political leadership about the new oil discovery at the marine Al-Jlaiaa field.
This field is the second one to be drilled in the Kuwaiti waters, he said, indicating that there are signs about presence of other large traps and that is 80 years after the petroleum production began on land. The latest discovery will enhance further Kuwait's status with respect of energy at the global level, he continued
He elaborated that engineering studies regarding Al-Durra field had been completed and the relevant plan was proceeding according to schedule, in concord with Saudi Arabia.
Although there are many refineries throughout the world, many states including Asian nations prefer the Kuwait oil. "This asserts the world's confidence in the Kuwaiti crude and enhances the demand for it in the coming decades," he said, also indicating that favoring the Kuwaiti crude is related to its low emissions and sulfur.
Kuwait produces two billion barrels of crude oil per year, he affirmed, also revealing that the KPC plans to increase the productivity to four million barrels per day by 2035.
In his elaboration, Sheikh Nawaf added that the Ministry of Oil is the sovereign entity empowered of holding talks on increasing Kuwait's quota of OPEC+ output of the crude.
There is an agreement to increase the quota of the member states based on their abilities. As to Kuwait, its capacity is higher than its quota that had been agreed upon with OPEC+, thus the political leadership has been seeking to increase it.
Meanwhile, Al-Eidan said the KOC, when it worked out the scheme for the marine exploration site, with exclusion of the bay, focused on 17 spots projected as rich in oil traps.
The KPC strategy aims at increasing the output to 3.650 million bpd by 2035, he has affirmed. (end)
amh

MENAFN21012025000071011013ID1109113608

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.