Newspaper: Kuwait Petroleum Corporation is negotiating with foreign parties to take out a two billion dollar loan

Official oil sources have said that the Kuwait Petroleum Corporation is negotiating at full speed to take out a loan of two billion to finance the current projects being implemented by the oil companies.

The sources said, according to the Kuwaiti newspaper “Al-Anbaa”, that the Petroleum Corporation will hold a meeting this week to discuss the latest developments to obtain the loan from an international party, and the sources preferred not to mention his name based on the banking confidentiality agreement signed between the two parties.

He explained that “Petroleum” has no tendency to borrow from local banks at the moment.

Hellenic Shipping News reported that Kuwait will be in able to release around 500,000 barrels per day of potential production capacity over the next two years in the midst of its efforts to allay concerns about the company’s admission that its capacity to pump crude oil has declined for a third consecutive year, according to what is cited. by the president, executive director of Kuwait Petroleum Corporation Hashem Hashem.

Hashem said a few weeks ago that the Kuwait Oil Company is implementing a number of strategic projects that will have a direct impact on increasing production capacity in the coming period, in preparation of the gradual arrival of 3.2 million barrels per day of sustainable production capacity for crude oil in 2025, and 3.55 million barrels of oil per day, by calculating the production of the area divided between Kuwait and Saudi Arabia.

He stressed that the Kuwait Oil Company managed to carry on the heavy oil project and reach the production capacity target of 60,000 barrels per day last September.

He explained that there are 500,000 barrels per day of additional production capacity that will come in in service for the completion of projects, well drilling and maintenance plans in course during quest’year and next, noting that the divided zone will add 350,000 barrels per day, bringing the total production capacity of the state of Kuwait to 3.55 million barrels of oil.

He added that among the most important of these projects is a new central operation and assembly project in the north and south-east of Kuwait, as well as the development and modernization of a number of assembly centers and a project for add facilities to manage the water associated with crude oil production.

He added that these projects also include a project to implement and operate water injection facilities in reservoirs to increase production capacity and maintain reservoir pressure, and a project to develop existing Jurassic production facilities and implement the operation of two new plants, as these plants contribute to the production of free gas in addition to light crude oil.

He stressed that these projects and plans will be accompanied by an integrated program for drilling in media approximately 500 wells per year, in addition to more than 2,000 well maintenance operations, indicating that there are currently approximately 71 drilling rigs operating in various areas of the company, as well as about 62 additional towers to carry out maintenance operations on the well.

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