Kuwait Key Projects and Business Highlights
Kuwait holds the sixth largest reserves of conventional crude oil and rank among the top 10 producing countries in the world attracting all the engineering and services companies such as Bechtel, Halliburton, Schlumberger, Fluor, Foster Wheeler, WorleyParsons, Daelim Industrial.
Until 2008, the crude oil production in Kuwait was regularly increasing to exceed 2.5 million barrels per day (b/d).
After some hard lessons learnt and the reshuffle of the energy industry management, the production started to come up again to 2.8 million b/d in 2012 and the decision were made to move forward on the major projects pending upstream and downstream.
In addition this new pushy policy is well supported by the discoveries of large oil fields in the western region of Kuwait.
With the on going capital expenditure and the development of these new fields, Kuwait is targeting 4 million b/d by 2020.
Anyway Kuwait wants in the same time to reduce its reliance on crude oil export in developing the downstream sector as its neighboring countries.
Kuwait Refineries Clean Fuel Project at tendering stage
Daelim Industrial from South Korea submitted the lowest bid for the engineering, procurement and construction (EPC) contract of the Fluid Catalytic Convertor (FCC)and Sour Water Treatment package of the Kuwait National Petroleum Corporation (KNPC) refinery at Mina Al-Ahmadi in Kuwait.
KNPC awarded PMC contract to Foster Wheeler
On December 23rd, 2012, the state-owned oil refiner Kuwait National Petroleum Co(KNPC) selected Foster Wheeler for the project management consultancy (PMC) contract of the multi-billion Clean Fuels Project (CFP).
KOC to invest $7 billion in Lower Fars heavy crude oil
The national upstream Kuwait Oil Company (KOC) is considering to move into the engineering, procurement and construction (EPC) stage for the Lower Fars phase-1 project since WorleyParsons completed the front end engineering and design (FEED) work in 2012.
KOC to give priority to onshore exploration
During Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC), Kuwait Oil Company (KOC) announced to have received mandate from Kuwait Petroleum Company (KPC) to increase crude oil production from actual 3 million b/d to 4 million b/d by 2030.
Considering the age and the level of maturity of the actual fields in operations to deliver 3 million b/d of crude oil, the replacement of depleting fields must also be considered in the total amount of barrels per day to be put in production to reach this target of 4 million b/d in 2020.