Kuwait Oil Company's (KOC) projects in its 5-year plan worth KD 12 billion, the company's Chief Executive Officer Hashem Hashem said on Thursday.
In a celebration organized by Oil and Gas World Magazine to select the Man of the Year in Kuwait's oil sector, Hashem said that the KOC's strategic plan to increase oil production has not been affected by the current oil price drop.
"It is not the first time that the world is experiencing a decline in oil price. In 2008, Kuwait saw a drop in oil price due to the global economic crisis. After that period oil prices rebounded," he added.
Asked about effects of oil price retreat on the KOC's plans, he said that the Gulf Cooperation Council's (GCC) countries have programs for developing oil fields and increasing production.
The KOC has a long-run strategy for its projects, he added.
"Kuwait is currently producing up to 3 million barrels per day," he pointed out. He expected KOC will sign soon deals of heavy oil projects worth about KD 1.3 billion.
The magazine's honoring of the KOC comes as a result of efforts exerted by the company and its staff, he said, expressing his gratitude to everyone who contributed to accomplishments and successes.
In the last period, he added, the KOC inked deals worth KD 3 billion (about USD 10 billion).
For his part, Deputy CEO of Mina Abdullah Refinery, of the Kuwait National Petroleum Company (KNPC), Ahmad Al-Jemaz said that the KNPC has completed 11 percent of the clean fuel project.
KNPC is going ahead with its plans, he said.
Meanwhile, Walid Al-Nader, the Chairman of the Board and Chief Executive Officer of Shell-Kuwait, said that the company has been operating in Kuwait for more than 70 years.
Shell-Kuwait has an effective partnership with the KOC in different domains, he noted.
Kuwait's oil sector carried out significant steps aimed at strengthening the country's status in energy industry and contributing to achieving its strategic vision as well as securing energy in the future, he added.
Wildcat International the publisher of Oil and Gas Magazine released its annual report on Kuwait's oil and gas.
The report included a host of interviews with most important local and international figures working in Kuwait's oil public and private sectors.