Kuwait is hoping to lure foreign petroleum companies back to its oil sector after years of restricting their involvement to limited contract work.
The emirate aims to boost its production capacity to 4 million barrels per day (bpd) by 2020 from an estimated 3.4 million bpd at present, including output from the "divided zone" it shares with Saudi Arabia, said Farouk al Zanki, the chief executive and deputy chairman of state-owned Kuwait Petroleum Corporation (KPC).
To achieve that, the company will need to develop partnerships with international oil companies (IOCs) to ease technology transfer, Mr al Zanki acknowledged.
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