8 - Kuwait Oil Company

Kuwait Oil & Gas Summit 2012KOC Chairman Sami Al-Rushaid and KGOC Chairman Hashim Al-Rifaai on the opening day of the summitKPC recently hosted its secondannual Oil and Gas Summit atthe Regency Hotel from February12 – 15. The summit, which isKuwait’s largest conference ofits kind, builds on the successof KPC’s inaugural event of thesame name which was held in2011. This year, however, the Oiland Gas Summit also featured anexhibition which ran parallel tothe conference which displayedoil industry-related servicesoffered by both local andregional companies. In addition,the exhibition also featured anumber of technical sessionswhere presentations were givenfrom those within the industry.KPC CEO Farouk Al-Zankiand other senior officials fromKuwait’s oil industry inauguratedthe opening of the exhibition onFebruary 12 and were given atour of the booths and stands thatwere set up for the occasion. Thefollowing morning, the KPC CEOoffered his introductory remarksto the audience and outlinedKPC’s current and projectedoperations, which included adiscussion of KPC’s StrategicPlan for 2030. In his speech, Al-Zanki maintained that “Oil andgas will continue to play a majorrole in global energy needs,” andadded that “Oil dependency willcontinue past the year 2030.”However, the CEO also notedthat although oil is the country’smost important resource, “Kuwaitmust consider diversification fordifferent sources of income.”A brief outline of the importantpoints the KPC CEO discussedwhich set the tone of theconference are as follows:• In addition to regularoperations, KPC will continueto work towards the reductionof emissions for a cleanerenvironment for futuregenerations.• KPC will focus on upstreamoperations with the goal ofincreasing production by125,000 barrels annually untilthe 4 million BOPD target is8 April-June 2012