Kuwait City: Chief Executive Officer of Kuwait Petroleum Corporation (KPC), Sheikh Nawaf Saud Al-Nasser Al-Sabah, stated on Tuesday that oil will remain an indispensable energy resource for decades, with no viable substitute in sight. This announcement was made during the Regional Clean Sea Organization (RECSO) Oil Spills Conference, which focuses on the theme "sustainably clean seas."
According to Kuwait News Agency, Sheikh Nawaf emphasized the importance of preserving the marine environment and combating oil leaks, referencing Kuwait's past environmental catastrophe 34 years ago during the Iraqi aggression. Additionally, he shared the recent discovery of oil at the marine Al-Jlaiaa field, alongside Oil Minister Tareq Al-Roumi and Kuwait Oil Company CEO Ahmad Al-Eidan, enhancing Kuwait's global energy status.
He noted that engineering studies for the Al-Durra field are on track in collaboration with Saudi Arabia. Despite numerous global refineries, Kuwaiti crude is favored, particularly in Asia, due to its low emissions and sulfur content, which boosts demand.
Currently, Kuwait produces two billion barrels of crude oil annually, with plans to increase output to four million barrels per day by 2035. The Ministry of Oil is negotiating to raise Kuwait's OPEC+ production quota, as the country's capacity exceeds its current allocation.
Al-Eidan added that the KOC's marine exploration strategy focuses on 17 potential oil-rich spots, excluding the bay area. KPC's strategy aligns with increasing production to 3.650 million barrels per day by 2035.