KOC develops three new fields to boost oil and gas production
Once operational, the fields will boost Kuwait's free gas production capacity to 850 million cubic feet per day
Kuwait Oil Company (KOC) is close to production of three new fields, Umm Rass, Kara'a Al Marw, and Kabd fields, Zawya reported, citing local newspaper Al Rai daily.
KOC has reportedly obtained approval to float the tender to build and operate two Jurassic production units, which will boost Kuwait's free gas production capacity of 850 million cubic feet per day, and light crude production of 250,000 barrels per day--unprecendented for the country.
This comes after months of turbulence for the oil and gas sector, with oil production slashed by the Organisation of Petroleum Exporting Countries and their allies. Another major development in Kuwait was its historic agreement with Saudi Arabia to resume production in the shared Neutral Zone.