State-controlled Kuwait Petroleum Corporation (KPC) has commenced producing a light crude oil variety and the first cargo is slated to be ready for export before the end of the month, according to Kuwait's Oil Minister and Minister of Electricity and Water, Bakheet Al Rashidi, and cited by Reuters.
Al Rashidi was quoted by the agency as saying the new grade would represent the first light crude exported by the Gulf state. In 2017, the KPC had revealed it was looking to generate a new sour grade, Kuwait Super Light, with an American Petroleum Institute assigned gravity of 47 and a sulphur content of 1.6%.
In general, Kuwait is investing heavily to ratchet up its oil and gas production. Earlier this year, Nizar Al Adsani, CEO of the KPC, told the state news agency that the firm planned to invest $113bn over the next five years in a bid to ramp up production to 4mn barrels per day by 2020 as well as 2.5bn standard cubic feet per day by the year 2040.