2014-03-17 05:59:02 - Kuwait Oil and Gas Report Q1 2014 - a new market research report on companiesandmarkets.com
Despite abundant below ground potential, Kuwait looks set to continue underperforming as its business environment outweighs the lure of its remaining below ground resources. We expect Kuwait to miss its 4mn b/d by 2020 target on the back of numerous delays to upstream projects. Setbacks are also leading to delays to a planned - and sorely needed expansion of gas capacity, as well as to major downstream projects. While we expect downstream projects to eventually advance, we believe liquids supplies will disappoint as gas supply tightens, leading to an increasing reliance on imports.
In 2012 Kuwait oil production rose to some 2.79mn barrels per day (b/d), as Kuwait took advantage of high global prices and reduced availability of Iranian crude due
to international sanctions. From January to October to 2013, crude production averaged 2.8mn b/d according to the IEA. According to the most recent available data at the time of writing, sustainable production capacity was at 2.9mn b/d. We expect output to largely remain around this level, with production expected to average around 2.87mn b/d including condensate and natural gas liquids (NGLs) for 2013.
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