Kuwait to Explore Gas Fields, Develop Resources with Foreign Firms
DUBAI (Dow Jones Newswires), Feb. 23, 2009
Kuwait will develop its gas resources in partnership with foreign oil companies despite opposition from parliamentarians that has stalled most of the country's oil projects, The National reported Sunday.
Mohammed Hussein, the deputy managing director for planning and gas at the Kuwait Oil Co., or KOC, said the country would aggressively explore gas fields for the next five to 10 years.
Hussein added that parliamentarians who blocked foreign investment in Kuwait's oil and petrochemical sectors would be unlikely to oppose gas development partnerships because of the country's worsening electricity shortage.
KOC expects to bring an additional 2 billion cubic feet per day of gas into production in the next seven years and will spend up to $9 billion on drilling infrastructure, Hussein said.
Kuwait's gas fields are at depths below 4,000 meters, making it dangerous to extract and all the more important for foreign partnerships to provide the proper technology, Hussein added.
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