Mubasher: Kuwait Oil Company (KOC) increased its oil output by 200,000 barrel per day (bpd).
The state-run firm successfully completed oil collection centres No. 29 and No.30 with a capacity of 100,000 bpd each, at a total value of KWD 434 million.
Upon the completion of the third collection centre No. 31, KOC's crude production will increase to 1 million bpd, up from 700,000 bpd, sources told Al Ra’i newspaper.
This step comes along with the company’s strategy to increase its crude oil production to 4.75 million bpd by 2040.
The state-owned entity noted that the average revenues of such megaprojects amounted to $1.8 billion for each centre.
