China (680,000 b/d) and the US (500,000 b/d) were the largest contributors to growth. Our Long-term plans are inevitably subject to huge uncertainties—especially in Kuwait, where the government is fond of grandiose and reassuringly-distant economic ambitions. 14 August 2020
The majors, facing similar financial and long-term demand metrics to KPC, are unlikely to willing to spend years courting the authorities in hope of an inroad.Besides, the more immediate priority for KOC is staunching the decline at its existing fields—chiefly the supergiant Burgan. Almost all of the net Statistical Year Book — Electrical Energy, 1994, Ministry of Electricity and Water, Kuwait. Presidents Trump and Xi’s compact on rebalancing may be the next domino to fall
14 August 2020
Kuwait arguably boasts some of the strongest potential in the GCC. Established in 1860 as the Karachi Chamber of Commerce, it is the oldest of the existing chambers. Public sector projects in Kuwait are notorious for delays so most people had expected the timetable for capacity enhancements to be quietly allowed to slip by a few years. Kuwait 2019 Kuwait arguably boasts some of the strongest potential in the GCC.
Both companies consistently profess confidence in future demand.The extremely modest medium-term target of 3.1m bl/d is likely a response to a combination of international and local conditions.
Our team completed a series of massive topside modules at the COOEC-Fluor fabrication yard and delivered them to the Huizhou Oilfield development project in the South China Sea.
The report features dozens of interviews, including:Enter your email address below.
This well targeted non-associated gas in the primary formation of the carbonate reservoir and was drilled to a total depth of 3,810 meters.
Global oil production rose by 2.2 million b/d.
These fears were apparently enough to render the enormous price tag attached to achieving the original 2040 target not worth the risk. The well encountered a gross gas column of 252 meters: the discovery is estimated to … While Burgan is still the source of roughly half of KOC’s total production, after 70 years on-stream this is only maintained by it being subjected to enhanced oil recovery.
When the contract was first put out to tender in 2013, it included a second phase to double capacity by this year—but KOC has not shown intent to imminently proceed with further development. If oil companies are forced to hold revenues in the local currency—combined with mandated Opec cuts—the Central African country will struggle to attract the new investment it desires
Opec production cuts matter far less than international companies deciding to scale back production and capex
Last year the SPC, the government’s ultimate authority on energy matters, was considering a proposal to reduce its 2040 oil production target, to the level due to have been achieved this year, while also radically revising interim output goals downwards. The current oil market slump validates the increasing focus of the Gulf’s main upstream producers on petrochemicals
From boosting oil production to throttling it back and with challenging oil and gas dynamics in both the short and longer-term, the region’s producers have their hands full
megaproject for Kuwait National Petroleum Company, a project characterized by outstanding execution, and we are scheduled for final delivery in early 2019. The only northern development to proceed—the Lower Fars Heavy Oil project at the Ratqa field, contracted in 2015 for $4.2bn on an engineering, procurement and construction basis to the UK’s Petrofac—is due to yield a mere 60,000bl/d when fully commissioned later this year.
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The state is already facing an unfamiliar funding squeeze, on the back of five years of subdued oil prices and political obstruction of fiscal reform.The costly projects required to deliver on earlier output goals could have spent years held up in the National Assembly (parliament). The Russian strongman’s referendum delivered him the expected result.
Calmer political waters should help turn the country into a global exploration hotspot
Traders see the positives as producers commit to even greater respect for quotas
The extent of the revision makes the SPC’s decision something of a bombshell
Subscribe now for unlimited access or become a Bronze Member for free During a low-key meeting in early February, Kuwait’s Supreme Petroleum Council (SPC) made a critical decision for the future of the country’s upstream oil sector, and hydrocarbons-dependent economy, that will play out over the next two decades. These concerns were not a reference to the Kuwaiti government suddenly adopting the green agenda but to its fears about the global groundswell against fossil fuels impacting long-term oil demand. Abu Dhabi’s Adnoc adopted a new target in November 2018 of raising crude capacity from 3.5mn bl/d to 5mn bl/d by 2030. There have been top-level changes in the Kuwaiti oil sector with the appointment of a new H.E. The SPC agreed to put back its 4m-bl/d target by 20 years and reduce its 2040 goal from the 4.75m-bl/d it predicted in 2017.
The annual average oil price (Dated Brent) rose to $71.31 per barrel, up from $54.19/barrel in 2017. But there are troubles on the horizon
Hammering-home the underlying strategic shift, the SPC set KPC a capacity target of a mere 3mn bl/d this year—roughly the existing level when the PNZ fields restart in the coming months—increasing only marginally to 3.1mn bl/d by 2025.No reason was given for the decision. KOC, spoilt by decades of pumping easily accessible crude, lacks the technical expertise to exploit the heavier, more-challenging reserves in the country’s north.
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