The CEO of Kuwait Oil Company (KOC) Emad Sultan announced that the firm’s operating budget for fiscal year 2019/2020 amounts to KWD 2.5 billion, as reported by Alrai Newspaper.
He concluded that KOC’s average capital spending for the current year is valued at KWD 2 billion.
Moreover, he noted that the expected number of wells to be drilled during the fiscal year is 410; the types of those wells vary between production, exploratory, and groundwater recharge.
The secondary phase of reservoirs’ output amounts to 45% of the company’s production, compared to 20% five years ago, Sultan remarked.
He further highlighted that the produced water was one of the main obstacles during the whole process.
Additionally, KOC plans to support and increase the output through four pillars namely; maintaining and developing current reservoirs, assessing and promoting unconventional layers, while further evaluating and advancing gas in the areas between well (TILT).