Kuwait to Initiate Durra Gas Field Drilling Procedures

Kuwait Petroleum Corporation (KPC) is set to begin drilling and construction work on the Durra gas field later this year, CEO Sheikh Nawaf Saud Al-Sabah revealed to Reuters. The commencement follows the completion of engineering studies expected this summer. Holding 20 trillion cubic feet in proven reserves, the field has been a point of contention, with Iran criticizing a 2022 development agreement between Kuwait and Saudi Arabia.

Iran's oil ministry has not responded for comment on the matter. Kuwait's oil minister stated that the country, alongside Saudi Arabia, holds exclusive rights to Durra and urged Iran to clarify its stake by marking its maritime borders. Sheikh Nawaf mentioned that KPC is undertaking the construction of an onshore gas processing facility as part of this collaborative agreement with Saudi Arabia.

Additionally, Sheikh Nawaf announced that KPC aims to achieve a production capacity of 3.2 million barrels per day (bpd) by the end of this year, and extend it to 4 million bpd by 2035. The company plans to allocate 7 billion Kuwaiti dinars ($22.92 billion) over the next five years for these initiatives. Kuwait Oil Company's CEO added that the nation’s production capacity is expected to climb to 3.2 million bpd by 2025 or 2026, with a long-term vision to hit 4 million bpd by 2035, backed by a $410 billion investment through 2040.

(With inputs from agencies.)