ABU DHABI Ñ Kuwait has approved a plan to double the sheikdom's
crude oil output.
Kuwait's Energy Ministry has approved the first stage of a plan to
double oil production to four million barrels a day by 2020. Officials said
the plan will develop and produce oil from the north and west of the
Mohammed Hussein, assistant executive of the managing director of the
state-owned Kuwait Oil Co. said sheikdom intends to develop the so-called
hard oil fields near the border with Iraq, which produces 45,000 barrels of
oil per day. Hussein said this would require participation of international
oil companies to introduce advanced technology.
The Kuwaiti company plans to produce three million barrels of oil per
day in 2005, 3.5 million in 2015 and four million barrels per day in 2020,
Hussein said. Currently, Kuwait produces 2.2 million barrels of oil per day.
Meanwhile, Qatar has signed a $7 billion contract with ExxonMobil
to construct a gas-to-liquids plant.
The official Qatari news agency said the contract was signed on
Wednesday in Doha by Qatari Energy Minister Abdullah Bin Hamad Al Attiyah
and ExxonMobil's deputy executive president, Harry Longwell. The
fully-integrated GTL plant would be located in Ras Laffan and financed by
Al Attiyah said the LNG plant would produce 154,000 barrels of GTL and
related products. He said this would include clean diesel, naphtha, and
various oil projects.
"The project constitutes a great step on the way of achieving the emir
of Qatar's ambitious plan of exploiting the country's natural resources to
diversify the sources of national income and secure development for the
interest of the emirate and its people," Al Attiyah said.