KUWAIT-OIL CONFERENCE Kuwait to press on with development of oil industry - minister

Record ID: 135432

  • Title: KUWAIT-OIL CONFERENCE Kuwait to press on with development of oil industry - minister
  • Date: 12th October 2015
  • Summary: KUWAIT CITY, KUWAIT (OCTOBER 11, 2015) (REUTERS) ***WARNING CONTAINS FLASH PHOTOGRAPHY*** (MUTE) SIGN READING (English): 'SOCIETY OF PETROLEUM ENGINEERS' (MUTE) VARIOUS OF AUDIENCE AT THE CONFERENCE (SOUNDBITE) (Arabic) KUWAIT OIL MINISTER, ALI AL-OMAIR, SAYING: "I would like to reassure you that with the support of His Highness the prime minister, the low oil prices will not stop us from moving forwards in expanding oil capital development projects that have strategic importance, including oil and gas drilling, refinement, and distribution of crude oil. These projects will improve the environmental credentials and safety of our refineries, provide new employment opportunities and support economic growth in the country." (MUTE) VARIOUS OF AUDIENCE LISTENING (SOUNDBITE) (Arabic) CHIEF EXECUTIVE OF STATE ENERGY GIANT KUWAIT PETROLEUM CORP, NIZAR ADSANI, SAYING: "Thirty-two billion Kuwaiti dinars (106 bln dollars) have been allocated to development projects under the five-year plan, both inside and outside Kuwait. Of this, 15 billion dinars (49 bln dollars) represents strategic development projects which have already been identified and most of which I have mentioned. In general, only four billion Kuwaiti dinars (13 bln dollars) were spent during 2014/2015 and two billion dinars during this fiscal year, 2015/2016. And we are moving forward in implementing projects that benefit the Kuwaiti oil industry and contribute to the development of the Kuwaiti economy." PARTICIPANT'S NAME TAG VARIOUS OF PARTICIPANTS LISTENING
  • Embargoed: 27th October 2015 12:00
  • Keywords:
  • Location: Kuwait
  • Country: Kuwait
  • Topics: General
  • Reuters ID: LVACM5E7CDRMWER9ALJ4I48I705L
  • Aspect Ratio: 16:9
  • Story Text: Kuwait will continue to develop its oil industry, despite low oil prices, the country's oil minister has said.
    Ali al-Omair made the comments at an oil industry conference in the Kuwaiti capital on Sunday (October 11).
    "I would like to reassure you that with the support of His Highness the prime minister, the low oil prices will not stop us from moving forwards in expanding oil capital development projects that have strategic importance, including oil and gas drilling, refinement, and distribution of crude oil. These projects will improve the environmental credentials and safety of our refineries, provide new employment opportunities and support economic growth in the country," he told the conference.
    On Monday (October 12), oil prices rose after Omair said economic growth and the removal of high-cost producers would help tighten global fuel balances and OPEC forecast more demand for its oil next year.
    Omair told Reuters the Organisation of the Petroleum Exporting Countries would stick to its output policy, which has focused on building market share at the expense of higher cost non-OPEC producers.
    Meanwhile, the Chief Executive of the Kuwait Petroleum Corp, Nizar Adsani, said Kuwait aimed to increase its oil and gas drilling rigs from the current 90 to 140 by the end of 2016 and that those added would all be onshore.
    He said billions of dollars had been set aside for further development of the industry.
    "Thirty-two billion Kuwaiti (106 bln dollars) dinars have been allocated to development projects under the five-year plan, both inside and outside Kuwait. Of this, 15 billion dinars (49 bln dollars) represents strategic development projects which have already been identified and most of which I have mentioned. In general, only four billion Kuwaiti dinars (13 bln dollars) were spent during 2014/2015 and two billion dinars during this fiscal year, 2015/2016. And we are moving forward in implementing projects that benefit the Kuwaiti oil industry and contribute to the development of the Kuwaiti economy," he told the conference.
    Kuwait's oil production is now 2.950 million bpd and capacity stands at 3.2 million bpd, Adsani said.
    Oil production will go up by 200,000 bpd by December 2016 and mostly be from north Kuwait, he said.
    The OPEC member will start exploration and drilling for offshore oil and gas by the first quarter of 2017.
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