Kuwait's oil minister Saad Al-Barrak has announced a new strategy to boost fossil fuel production with a targeted production capacity of 4 million barrels a day (b/d) by 2035.Speaking at a conference in Kuwait, he also said that his country will prepare the infrastructure for the Durra gas field, which it shares with Saudi Arabia and Iran claims a stake in.Ahmed Jaber al-Eidan, the chief executive of the state-owned upstream operator Kuwait Oil Company (KOC), said Kuwait's production capacity was at 2.9 million b/d and is expected to reach 3.2 million b/d by 2025 or 2026.Kuwait's crude production averaged about 2.55 million b/d in August, according to Opec, of which Kuwait is a member.Al-Barrak highlightedthe  challenges Kuwait faces, which include diversifying sources of income and sustaining the national economy, particularly in the context of the oil industry addressing climate change challenges.Al-Barrak elaborated on Kuwait’s initiatives aligned with the government’s 2023-2027 work program and development plan, emphasising the launch of the Strategic Petroleum Corporation’s directions until 2040 and the roadmap towards achieving carbon neutrality by 2050.Al-Barrak highlighted that the oil and gas sector is responsible for over 90 per cent of Kuwait’s revenues, and emphasised the need to overcome challenges to ensure timely project implementation and a consistent financial inflow to the state.Speaking at the same forum, Sheikh Nawaf Saud al-Sabah, the chief executive of Kuwait Petroleum Corporation (KPC), stated that the successful execution of the corporation’s capital projects would contribute to additional revenues of approximately $11bn annually during the five-year plan.Al-Eidan said that KOC was looking at enhanced oil recovery activities using carbon dioxide gas and exploring carbon dioxide gas collection and optimal storage methods.Walid al-Badr, the chief executive of Kuwait Integrated Petroleum Industries Company (Kipic), said that the third crude distillation unit (CDU) at the Al-Zour Refinery would be completed within days.He said that this progress was aligned with KPC’s 2040 strategy to raise the state’s refining capacity to 1.6 million b/d.Wadha al-Khatib, the chiefof  Kuwait National Petroleum Company (KNPC), said that the company was improving operational and environmental performance.Badr Al-Attar, the managing director for planning at KNPC, said that Kuwait was planning to invest around $110bn in capital projects for energy transition up to 2050. (ICE KUWAIT)

Fonte notizia: Meed