The first phase of the heavy oil production project will cost USD 4.2 billion, with contracts to be awarded by the end of this year, chief executive officer of Kuwait Oil Company (KOC) Hashim Hashim announced here Monday.
Hashim made this remark to the press on the fringes of the second edition of the Society of Petroleum Engineers (SPE) Heavy Oil Conference and Exhibition that kicked off today.
He noted that KOC plans to pump 60,000 barrels a day by 2018 in the project's first phase.
Moreover, Hashim added that KOC is going through with executing the second phase of natural gas development to reach its target goal of producing 500 million cubic feet a day by 2020.
Similarly, Well Surveillance Manager at KOC Saeed Al-Shaheen emphasized that KOC will increase its heavy oil production gradually until it reaches its target output of 270,000 barrels a day by 2030.
He noted that Well Surveillance is responsible for providing the project's operational equipment, hardware and other services.