Deputy Premier and Minister of Oil Mustafa Al-Shimali announced Monday that Kuwait Petroleum Corporation (KPC) started plans for launching a world-class oil research center pursuant to the will of His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah.
"The center will employ the state-of-the-art technical standards to provide the oil sector with practical researches and solutions," he said.
Al-Shimali made the announcement in his inaugural speech to first Kuwait Oil and Gas Show and Conference (KOGS-2013) being held for three days under auspices of HH the Prime Minister Sheikh Jaber Mubarak Al-Hamad Al-Sabah who attended the opening session.
On KOGS-2013, he said it aims to review the latest developments in the world oil market and prices in the light of the political and economic changes.
"The gathering provides an ample opportunity for cooperation to create investment-friendly atmosphere and facilitate the advancement of oil-related technologies," he pointed out.
He reaffirmed the commitment of Kuwait, as a key oil producer, to ensure the stability of the world oil market through sufficient supplies.
"The reality requires that all stakeholders work together to ensure better future for the next generations and use the energy resources in a sustainable way amid the growing demand," he urged.
"The vision of Kuwait is based on economical use of oil while promoting human development and creating more jobs," Al-Shimali pointed out.
The new oil discoveries help Kuwait to increase its output capacity from the current 3.2 million barrels per day to four million bpd in 2020 and maintain this level later on, he revealed.
Al-Shimali affirmed that oil and gas, as fossil fuels, will continue to be the main sources of energy in the foreseeable future "and this is why we forge ahead with our ambitious plans for the development of the oil industry." He thanked HH the Prime Minister Sheikh Jaber for attending the opening ceremony of the KOGS-2013, noting that his kind presence signals support to the oil sector.
Meanwhile, President of the Conference and CEO of KPC Nezar Al-Adsani said the Conference is the fruit of relentless efforts made by his predecessor, former KPC's CEO, Farouq Al-Zanki, in setting the stage for the event.
"The Conference will give momentum to the strategy of the Kuwaiti oil sector for 2030 which envisages raising the production capacities of oil wells and refineries, integrating the refining industry with the petrochemical industry, and promoting the gas sector," Al-Adsani noted.
KPC is keen on networking with other key operators in the Gulf region and beyond to address the challenges relating to the acquisition of hi-tech and expertise, he affirmed.
KOGS-2013 incorporates an international exhibition of oil and gas hardware and services and a broad spectrum technical conference program. It serves all areas of the oil and gas industry; including petroleum geosciences, exploration and production, as well as the refining and petrochemical products and services, Al-Adsani pointed out.
He appreciated the role of the Society of Petroleum Engineers (SPE) in organizing the gathering in collaboration with a committee of senior NOC and IOC representatives, major operators and academia active in the region.