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Thursday, April 7, 2011     GET REAL

Kuwait to invest $340 billion in exploration through 2030

ABU DHABI — Kuwait, amid rising regional unrest, has again released a strategic energy plan.


The state-owned Kuwait Petroleum Corp. said it would invest $90 billion until 2015 in crude oil and natural gas exploration and development.

Officials said this would comprise the first stage of a $340 billion investment plan through 2030.

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In a briefing on April 5, KPC planning manager Hashin Al Rifai acknowledged delays in current Kuwaiti energy programs. He cited the Al Zour refinery, which has faced parliamentary opposition and was not expected to meet its startup deadline of 2016.

Rifai said the energy plan would be conducted in partnership with Western energy majors. He cited the U.S. firm ExxonMobil, which has been negotiating for a heavy oil technical service agreement with KPC.

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