New Market Research Report: Kuwait Oil & Gas Report Q4 2013

From: Fast Market Research, Inc.
Published: Fri Oct 25 2013

While we expect Kuwait to benefit from gradual growth in production over the coming years, we note progress on the ambitious Project Kuwait is well behind schedule and mixed signals have been sent over the target date for raising capacity to 4mn barrels per day. We expect Kuwait will not reach such a figure by the end of our forecast period in 2022, with delays stemming from challenges both below ground and above, given continued questions over the country's business environment. The impact will be most pronounced on gas, as we see the country's import reliance increasing over the course of our forecast period.

We highlight the following trends and developments in Kuwait's oil & gas sector:

Full Report Details at

* In July, Kuwait Oil Company (KOC) chief executive Hashem Sayed Hashem revealed discovery of a new oil and gas field near the existing Manageesh oilfield. Resource estimates were not revealed, but the find indicated the upside from an uptick in exploratory activity. Additionally, KOC indicated in September it would begin a 2D seismic survey targeting an area of some 7,000km of the country's offshore. 3D surveys were also planned to target Kuwait bay and the area around Kuwait City.
* According to the IEA, production for the first half of 2013 has averaged 2.82mn barrels per day (b/d); with output for July close to that figure at 2.8mn b/d. We expect output to largely remain around this level, with production expected to average around 2.96mn b/d including condensate and natural gas liquids (NGLs) for 2013.
* Kuwait has long sought to increase production capacity towards 4mn b/d as part of the so-called Project Kuwait; however, there were reports that this production target was pushed from 2020 to 2030. More recent reports indicate that reaching the 4mn b/d market by 2020 is still the goal, with former KOC managing director Sami al-Rushaid pointing out in May that the company planned to set the production capacity plateau at 4mn b/d from 2020 to 2030. In September Deputy Prime Minister and Minister of Oil Mustafa Al-Shimali reiterated that Kuwait was on track to reach the 4mn b/d mark by 2020.
* As part of Project Kuwait, additional volumes are targeted from the Partition Neutral Zone (PNZ), northern oil fields and heavy oil fields. In the case of heavy oil, for example, we note an additional 60,000b/d is targeted by 2015 and a further 270,000b/d by 2020. Although a sizable increase, the 270,000b/d target is well below original plans which called for a 750,000b/d contribution from heavy oil by 2020.
* Kuwait is reportedly exploring its unconventional on gas as well with shale oil also being targeted, with Kuwait hoping that shale gas could deliver 1.5-3bcm in sorely needed gas supplies. Increasingly difficult to tap gas reserves are being targeted, with development of high-sulphur, high-pressure gas reserves aimed at tripling production capacity by 2030 - a date outside our current forecast period.

About Fast Market Research

Fast Market Research is an online aggregator and distributor of market research and business information. We represent the world's top research publishers and analysts and provide quick and easy access to the best competitive intelligence available.

For more information about these or related research reports, please visit our website at or call us at 1.800.844.8156.

You may also be interested in these related reports:

- Antrim Energy Inc. Oil & Gas Exploration and Production Operations and Cost Analysis - Q2, 2013
- OAO Novatek Oil & Gas Exploration and Production Operations and Cost Analysis - Q2, 2013
- Twin Butte Energy Ltd. Oil & Gas Exploration and Production Operations and Cost Analysis - Q2, 2013
- InterOil Exploration & Production ASA Oil & Gas Exploration and Production Operations and Cost Analysis - Q4, 2012
- Pengrowth Energy Corporation Oil & Gas Exploration and Production Operations and Cost Analysis - Q2, 2013

Company: Fast Market Research, Inc.
Contact Name: Bill Thompson
Contact Email:
Contact Phone: 1-413-485-7001

Visit website »