Kuwait Petroleum Corporation (KPC) and Hyundai company for heavy equipments have started executing the first stage of an oil export ports project. It is estimated to be worth KD350 ml. It will concentrate on raising the capacity of oil exports.Oil production plans:
- 2.6 ml b/d today
- 3 ml b/d by 2010
- 3.5 ml b/d by 2015
- 4 ml b/d by 2020
The project includes plans to extend oil pipes over an area of 27 kilometers, in which a part of the pipe will be installed under the Kuwaiti territorial waters. Several petrol pumps will be set up in different areas.Oil refining capacity:
-
940k b/d today
-
1.5 ml b/d by 2010
The total costs associated with KPC’s 2020 strategy are expected to be over $65 bl. Investments in exploration, production, refining and petrochemicals make up most of the costs. The global communities are working at alternative energy sources and have slowly entered the markets. It would be sad if an alternative source of energy was created by 2020 with Kuwait having no future plan of integration or reduction of oil dependency.
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