KPC & JOGMEC sign technical cooperation agreement
Agreement aims to develop new techniques to enhance oil recovery
Kuwait Petroleum Corporation (KPC) and Japan Oil, Gas and Metals National Corporation (JOGMEC), have signed a Memorandum of Understanding (MoU) on cooperation activities to apply known technologies and to develop new ones to enhance the ultimate oil recovery factor in Kuwait's oil fields, JOGMEC said in statement.
The MOU was signed by KPC's managing director for Planning, Hashim Al-Rifai and JOGMEC executive director, Akira Suzuki on July 19, Kuwait news agency reported today.
Kuwait and Japan expressed their desire to strengthen technical cooperation in the upstream and other oil sectors, according to a joint statement issued by the two governments. The two countries also agreed to start a joint research project on CO2-Enhanced Oil Recovery (CO2EOR) as the first step.
"Based on the MoU, JOGMEC will continue discussions with KPC to materialise scope of the cooperation," the Japanese company said, adding that it expects this cooperative work will promote the improvement of CO2EOR technology.
JOGMEC further expects CO2EOR technology will contribute to the efficient development and production of oil fields and lead to Japanese companies' future business opportunities in the upstream oil and gas industry in Kuwait.
Under the agreement, the two companies plan to implement joint study and/or research projects of state-of-the-art exploration and production technologies, including CO2EOR.
They will also organise mutual visits by executives, managers, technical experts and specialists, as well as evaluation of potential joint business opportunities.