Kuwait s oil output capacity reaches 3 mln bpd: oil minister |
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| addtime：2010-4-22 from：admin Reads：5680 | |
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"Good news on new oil discoveries would be announced at the proper time," the minister said, when attending the inauguration of a new oil gathering center in steps to fuel the country's crude production. Kuwait is the fourth-largest exporter of the Organization of Petroleum Exporting Countries (OPEC) and boasts around 10 percent of the world's proven oil reserves. The emirate currently pumps out 2.3 million barrels per day under OPEC's quota and has the ambition to lift its production to four million barrels per day by 2020. The official KUNA news agency quoted the country's deputy prime minister for economic affairs Sheikh Ahmad Fahad Al-Sabah as reporting Thursday the oil stock in the Great Burgan oil field in Kuwait is much higher than previously estimated. Official figures said the Great Burgan oil field, the second largest in the world, contributes around 70 percent of Kuwait's oil reserves.
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