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Kuwait's KPC CEO says oil production capacity exceeds 3 million bpd

Kuwait's oil production capability now exceeds 3 million barrels per day, Kuwait Petroleum Corporation (KPC) CEO Sheikh Nawaf Saud alSabah told reporters on Tuesday.

The country's oil production capability was at more than 2.8 million bpd in June last year, Ahmad Jaber Al-Eidan, the CEO of KPC subsidiary Kuwait Oil Company (KOC), stated at the time.

Kuwait aims to improve its oil output to 4 million bpd by 2035, having actually formerly missed out on an objective of reaching that level by 2020.

Discussing U.S. President Donald Trump's views on fossil fuels, Sheikh Nawaf stated there is no alternative to oil as a. primary source of energy, neither now nor in the future.

Perhaps this is what President Trump and officials in the. United States have realised, that there need to be continued. expedition and production of oil, and this is what we show. here in Kuwait. We understand that demand for Kuwaiti oil will. increase in the future.

Trump signed a flurry of orders within hours of his. inauguration on Monday intended to increase the United States'. currently record-high oil and gas production.

Al-Eidan said KOC aims to reach full production from. found overseas fields within eight to 10 years.

Of the 4 million bpd of oil production capability Kuwait is. targeting by 2035, 350,000 bpd of capability is anticipated to come. from a location called the Neutral Zone, collectively operated with. Saudi Arabia.

Kuwait last year said it had actually made a huge oil discovery. with estimated reserves of 3.2 billion barrels. It stated on. Monday it had actually found 800 million medium-density oil barrels and. 600 billion basic cubic feet of associated gas offshore.

Sheikh Nawaf said Kuwait has completed engineering studies. for the Durra gas field and is continuing according to a plan. concurred with Saudi Arabia.

A Kuwaiti-Saudi Arabian advancement arrangement signed in 2023. has actually been slammed by Iran, which declares a stake in the field. Durra holds an estimated 20 trillion cubic feet in proven. reserves.

(source: Reuters)