8 - Kuwait Oil Company

is expected to grow to an annualrate of 2.8% in the coming years,”Al-Rushaid said, adding that by2030, energy consumption inKuwait was “Expected to reachthe equivalent of 1 millionBOPD.”Supplying this energy for afuture population, he said,will be a major challenge forKuwait. However, in order to dothis, KOC has plans to increaseits production from 3 millionBOPD to approximately 3.65million BOPD by 2020, andthen sustaining this productionthrough the year 2030. However,the KOC Chairman also notedthat in order to fully supplyKuwait’s future energy needs,several sources of fuel areneeded, which include nonassociatedgas, associated gas,and the refining of heavy oil.Even then, local gas productionwill not be adequate for Kuwait’sneeds, and Al-Rushaid maintainedThe summit attracted both regional and international guests10 April-June 2012