What impact is the lower price of oil having on major project planning and roll out?
Kuwait’s oil reserves include a total of approximately 13bn barrels of heavy crude oil, located primarily in the country’s northern fields of Raudhatain, Sabriya, Abdali, and Ratqa, as well as the Partitioned Neutral Zone (PNZ). Developing production in the northern Jurassic fields will help the government to meet the key objective of Project...
Along with Saudi Arabia, Iran, Iraq and Venezuela, Kuwait is a founding member of OPEC, which holds almost 81% of the world’s proven oil reserves, with over 66% of these stocks located in the Middle East. Despite having just over a 10th of the landmass of England, Kuwait holds the sixth-largest proven oil reserves in the world, according to...
Despite the drop in global oil prices since 2014, Kuwait has announced ambitious plans to invest $100bn on oil and gas projects between 2015 and 2020. Investment will be split between upstream investments to raise Kuwait’s output capacity and downstream projects to increase the country’s share of the energy value chain globally. The investment...
Kuwait’s position as one of the biggest players in the international energy markets is backed by its proven reserves, currently the sixth-largest in the world. While international oil prices will have a significant impact on state revenues moving forward, low production costs and ample fiscal reserves should shield the country from the price downturn. The country increased its oil production...
Production from Saudi Arabia’s oilfields will remain at near-record levels in the short to medium term, with Riyadh looking to maintain above-average output despite low prices. At its June 2015 meeting, OPEC decided to keep the bloc’s production at 30m barrels per day (bpd), the level that had been agreed the previous November. According to...
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