World Energy & Chemicals Exhibition and Conference Kuwait

This event is supported at the highest level and is held under the Patronage of H.H The Crown Prince Sheikh Nawaf Al Ahmad Al - Jaber Al - Sabah.

Attendance at the World Energy & Chemical Conference and Exhibition reached to 2.399 professionals from the energy industry met to learn about the latest plans to shift into heavy oil production to meet its 2020 target of producing 4 million barrels per day. More than 100 companies from over 24 countries participated in the event. For the first edition of the exhibition the total exhibition space was around 7000 sqm., which was a good result for a first edition.

WECEC offered special symposium sessions on advancement on heavy oil production and processes, upgrading and refining of heavy crude.

KUWAIT. Kuwait Oil Company (KOC)has reached a preliminary deal with Exxon Mobil to produce heavy oil from the Lower Fars oil field located in the North of the country near the Iraqi border.

The deal aims to increase production from the area to 900,000 barrels per day by 2020.

Exxon Mobil said the deal would be to produce 700,000 barrels per day from the field, while KOC will exlore other fields to meet long term target output.

"The agreement has several stages," said Khaled al-Sumaiti, Deputy Managing Director of KOC's Northern oilfield operations.

Kuwait sits on about 10% of global reserves, and aims to boost its total oil output to 4 million bpd by 2020

Sumaiti told an oil conference that Kuwait will work hard to reach its targets.

Richard Vierbuchen, Exxon Mobil's Vice President for the Caspian Sea and the Middle East, said the talks were about producing 700,000 bpd from Northern Kuwait but declined to provide more details.