Mubasher: Kuwait Oil Company (KOC) is looking to increase its output capacity to 200,000 barrels per day (bpd) of light crude by October, Emad Mahmoud Sultan, deputy CEO of KOC, said.
KOC, the subsidiary of the Kuwait Petroleum Corporation (KPC), has exported around 5 million barrels of Kuwaiti super light crude since July, Sultan told Reuters.
Moreover, the state-run firm will start operating its project of heavy crude in south Ratqa field in January 2019.
KOC will begin producing heavy oil in May 2019, targeting an output of 60,000 bpd by the end of the same year, the CEO noted.
On the other hand, the company is expected to drill between 600 and 700 wells annually.
It is worth noting that KOC has signed a five-year contract with American oilfield services provider Halliburton Company.
The contract entails maintenance work, in addition to developing some of KOC's fields in the north.