Kuwait Aims to Lift Oil Output

Kuwaiti oil producers announced that they planned to lift crude oil production to four million barrels a day by 2020, a senior oil official said yesterday.

Kuwaiti chief oil producer Kuwait Oil Company has embarked on a long-term strategy to reach that level mentioned above by developing so-called ?difficult to produce? oil in northern and western fields, said Company?s Assistant Executive Mohammed Hussein.

KOC will reduce oil production from its southern fields to boost northern oil production. The strategy will involve a project to invite in foreign oil companies to help develop the difficult oil in four northern fields. Company workers have recently completed the legal framework, and economic formula for draft agreements drawn up with the foreign oil companies which want to be involved into the project, Oil Minister Shaikh Ahmed Fahed Al Sabah said last week.