KUWAIT'S INVESTMENT $113 BLN
AOG - Kuwait plans to invest $113bn over the next five years to enhance oil exploration and production activities both inside and outside the country.
Nizar Al-Adsani, CEO of Kuwait Petroleum Corporation (KPC), said that KPC's 2040 strategic direction has set an ambitious road map for the Kuwaiti oil sector to execute mega projects inside and outside the State of Kuwait on various aspects, with the ultimate goal to maximise revenue generation to the nation's economy, Kuna reported.
Al-Adsani said: "We plan to invest KD 34 billion ($113bn) over the next five years on these projects. Inside Kuwait, the oil and gas growth strategy is bridging the demand gap, as well as making energy more accessible to consumers in the emergent economies and the developing world. This strategy includes achieving four million barrels per day of crude oil production by the year 2020 and creating the mechanisms to maintain such production levels."
"We will be maximising exploration activities, as well as the development and production of non-associated natural gas in Kuwait with a target to achieve 2.5 billion standard cubic feet per day by the year 2040. Furthermore, KPC is expanding its refining capacities and capabilities both domestically and internationally."
"We in KPC believe that petrochemicals is an important arm to maximise KPC's value chain returns and we are focusing on expanding our commodity chemical portfolio," added Al-Adsani. KPC will seek benefit from the experience and the technological advantages of joint venture partners to reach further down the hydrocarbon chain and ensure diversification towards specialty and derivative petrochemicals, as per the Kuna report.
"KPC provides additional job opportunities for over 13,000 to join us during the 2040 Strategic Directions Implementation, in addition to 100,000 in-direct job opportunities through contractors. Our employees are our most valuable investments and we focus on developing their capabilities and skills. We believe the focus of any successful strategy centres on human competency development. Such a strategy maintains the excellence required, provided through the strength of our human resources. We continuously encourage the sharing of the best practices and collaborative work amongst members of the oil sector."
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API - American Petroleum Institute reported that the first four months of this year saw U.S. petroleum demand average 750 thousand barrels a day above the same period in 2017 despite higher prices, a sign of solid economic activity. April also saw the U.S. produce a record 10.5 million barrels per day (MBD) of oil.
IMF - “Egypt’s growth has continued to accelerate during 2017/18, rising to 5.2 percent in the first half of the year from 4.2 percent in 2016/17. The current account deficit has also declined sharply, reflecting the recovery in tourism and strong growth in remittances, while improved investor confidence has continued to support portfolio inflows. In addition, gross international reserves rose to $44 billion by end-April, equal to 7 months of imports.
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REUTERS - Brent crude futures LCOc1 were at $79.57 per barrel at 0310 GMT, up 27 cents, or 0.3 percent from their last close. Brent broke through $80 for the first time since November 2014 on Thursday. U.S. West Texas Intermediate (WTI) crude futures were at $71.62 a barrel, up 13 cents, or 0.2 percent, from their last settlement.