Consequently, Kuwait is moving decisively to develop a major energy asset. Kuwait Petroleum Corp (KPC) CEO Sheikh Nawaf Al-Saud Al-Sabah made a significant announcement. He confirmed that all necessary government approvals are now secured. This greenlights the development of the offshore Durra gas field. Importantly, this progress occurs despite an ongoing controversy with neighboring Iran.
Furthermore, preparations are actively underway. Kuwait will develop the vital project alongside its partner, Saudi Arabia. The two Gulf nations share ownership of the resources equally. A KPC subsidiary, Kuwait Gulf Oil Company, is leading the charge. This company operates in the Neutral Zone shared with Saudi Arabia. It has already completed initial engineering designs with Saudi Aramco.
Moreover, this project is part of a broader strategic push. KPC is investing heavily in its energy future. The corporation spends around two billion dinars annually on capital investments. This funds several strategic projects aimed at boosting production capacity. Additionally, Kuwait plans to drill fifteen offshore oil exploration wells. The goal is to significantly increase reserves and production.
The CEO also revealed another innovative financial strategy. KPC is studying lease-leaseback deals for the country’s oil pipelines. This approach could provide capital for further investments. The annual meeting of senior oil officials discussed these developments. The Durra gas field development remains a top priority for the nation’s energy security and economic growth.
