S. firms, including Devon Energy and EOG, to explore the development of its shale oil and gas resources. This marks a significant shift for Kuwait, as it seeks to leverage the expertise of international companies to support the growth of its unconventional oil and gas opportunities.
S. operators to participate in evaluating and advancing its unconventional oil and gas opportunities. The discussions are focused on facilitating technological advances and reducing costs, which have made shale development more viable.
Kuwait aims to increase its production capacity to 4 million barrels per day (bpd) by 2035, from its current level of approximately 3 million bpd under the OPEC quota. 58 million bpd under its current quota. KOC's decision to engage with international companies reflects the company's commitment to exploring new opportunities and leveraging expertise to drive growth.
The talks are expected to involve non-disclosure agreements, allowing participating companies to review relevant data before moving into more detailed technical and commercial discussions. Kuwait Petroleum Corporation will also invite international companies to assist state-owned unit KOC in developing offshore oil and gas discoveries. This move is part of the country's efforts to diversify its energy production and reduce its reliance on traditional sources.
The development of shale resources presents a significant opportunity for Kuwait to increase its production capacity and achieve its goals. However, the process will require careful planning, execution, and collaboration with international partners. As KOC moves forward with these discussions, it is essential to ensure that the company's interests are protected while also fostering a collaborative environment that drives growth and innovation.
The development of shale resources in Kuwait presents an exciting opportunity for the country to diversify its energy production and increase its production capacity. However, it requires careful planning, execution, and collaboration with international partners to ensure success.
