13/10/2012 09:08 AST

Kuwait’s Minister of Oil Hani Abdulaziz Hussein said that Kuwait’s current oil production average is three million barrels a day, noting that Kuwait Oil Company could increase this output to 3.2 million in the next two years.

“The three million barrels are the current average daily production, but Kuwait can produce more,” minister Abdulaziz told KUNA on the sidelines of the inauguration ceremony of the Integrated Digital Oil Fields Center.

“Kuwait Oil Company (KOC) has plans to take its daily output to 3.2 million barrels in these two years in addition to its share in the production of the oil fields of the ‘divided zone’ with Saudi Arabia,” he added.

Abdulaziz described that the current oil price level as relatively high, blaming the speculative behavior of oil traders for this rise.

He pointed out that the Integrated Digital Oil Fields Center, an affiliate to KOC, which was inaugurated Thursday in the presence of His Highness the Prime Minister Sheikh Jaber Al-Mubarak Al-Sabah is part of Kuwait’s strategic plan to increase its oil production to four million barrels a day by 2020.

“The center will help increase oil production by 5-10 percent,” he told KUNA.

The center provides Kuwait oil companies’ decision-makers and field working teams with real-time data from the oil fields and wells.

It includes integrated systems that allow the continuous monitoring and assesment of well performance and production.

It will also enable personnel to scan closely and accurately features of the underground traps, help in minimizing human-made errors and enhance output.

Arab Times

Ticker Price Volume
QGTS 16.99 546,332
AFIC 0.19 0
SICO 2.84 0
Saudi Arabia’s private sector business conditions stabilise in July


Saudi Arabia’s non-oil private sector stabilised in July signaling an improvement in business conditions at the start of the second half of 2020.

The latest Purchasing Managers’ Index (PMI

Gulf News

Oman’s mining sector revenues hit RO 114m in 2019


Oman’s thriving mining and mineral processing sector earned RO 114 million in revenues last year, bolstered by a new Mining Law, strong regulatory framework and the industry’s positioning as one of f

Oman Daily Observer

United efforts, focus on needy key for recovery: Bahrain banker


Banks in Bahrain must play a major role in helping the national economy recover from the global Coronavirus (Covid-19) pandemic and, to do so effectively, will need the ongoing support of all stakeho

Trade Arabia

UAE business conditions improve for the second month in July


The UAE non-oil private sector registered a further recovery in business conditions during July amid a greater easing of lockdown restrictions, according to data from the latest UAE Purchasing Manage

Gulf News

Gulf pension funds need to drop cash


Last week, the US Federal Reserve set interest rates at near zero, or 0.25 per cent to be precise, and which will add further complications to the Gulf’s financial services industry. This includes pe

Gulf News