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KOC Denies Inability to Meet Oil Production

Source: KUNA 7/5/2011, Location: Middle East

Kuwait Oil Company (KOC) brushed aside press reports that it was unable to meet production capacity from the Lower Fares reservoir, in line with the company's strategy. KOC affirms commitment to implementing its short and long-term strategy, which aims at producing 60,000 barrels per day (bpd) by 2015-16 from the Lower Fares reservoir, located within Al-Retqa oil field, KOC's acting spokesman Hashem Sayyed hashem told KUNA.

Hashem, KOC's Deputy Managing Director for South and East Kuwait, said the strategy also aimed at producing 270,000 bpd by 2030. Hashem hoped the press would verify their stories regarding "this important and vital aspect because it has negative impacts on our national economy.

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