Kuwait is currently pumping crude at its normal rate of 2.9 million oil barrels per day (bpd) even though crude prices are expected to be traded at USD 65 barrels a day in the foreseeable future, the Kuwait Petroleum Corperation (KPC) CEO stressed here Monday.
Nizar Al-Adsani made this remark to the press on the fringes of the second edition of the Society of Petroleum Engineers (SPE) Heavy Oil Conference and Exhibition that kicked off today.
He added that daily production at Wafra oil field is normal, amounting to 200,000 bpd that is equally delivered to both Saudi Arabian Chevron and Kuwait Gulf Oil Company.
On that note, Al-Adsani told the press that the re-start of production at Khafji oil field is still "unknown." Nonetheless, he explained that oil prices will remain at USD 65 a barrel until either world economy stabilizes or OPEC changes its policies.
During his opening speech at the conference, Al-Adsani stressed that KPC will continue its long term project in heavy oil exploration and highlighted the importance of starting the first stages of heavy oil production soon in order to see its positive results in the future.
He added that heavy oil has become a major strategic goal of any international oil company, hence, Kuwait's increasing interest in delving into this realm.
Under the theme of "Heavy Oil Innovations Beyond Limitations", the three-day conference will focus on the significant improvements and innovation in heavy oil exploration, development, production, and marketing, both in well-known areas and remote onshore and offshore regions.
Source: KUNA