Kuwait will begin conducting the first survey of its offshore waters in decades this month, part of the Gulf state's plans to boost its hydrocarbon output, the exploration unit of state-owned Kuwait Petroleum Corp. said Sunday.
Kuwait
will
begin conducting the first survey of its offshore waters in decades this month,
part of the Gulf state's plans to boost its hydrocarbon output, the exploration
unit of state-owned Kuwait Petroleum Corp. said Sunday.
The two-dimensional survey would cover an estimated 7,000 square kilometers in
order to evaluate offshore hydrocarbon reserves, Kuwait Oil Co., or KOC, said
in a statement.
The firm is also planning a 3-D seismic survey that would cover an estimated
3,500 square kilometers and would include the capital
Kuwait
City
and
Kuwait
Bay
,
which is believed to be rich in hydrocarbon prospects.
KOC in April signed a $29.5 million contract with
France
's CGG
Veritas Services to conduct a 2-D seismic survey in all marine zones for three
years. The planned seismic surveys are the first to be conducted by KOC in 30
years, KOC said.
Kuwait
, an
Organization of the Petroleum Exporting Countries member, is committed to
increase its output capacity from the current 3.2 million barrels per day to
3.5 million barrels per day in 2015 and 4 million barrels per day in 2020.
The Gulf state also has a goal of producing 2 billion cubic feet of natural gas
a day by 2020, up dramatically from 140 million cubic feet a day at present.
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