One step forward, two steps back in Kuwait
Renewed political upheaval augurs ill for oil sector development plans
Kuwait’s newly anointed oil minister Mohammed al-Fares took to state media in early January to celebrate the discovery of three new oilfields by Kuwait Oil Company (KOC)—claiming the fresh reserves would help the state-owned firm achieve the production goals enshrined in its government-sanctioned 2040 strategy. However, the primary obstacle to meeting such output ambitions is less a lack of hydrocarbons resources than the glacial pace of their development. The relevant target—to raise capacity from c.3.1mn bl/d to 4mn bl/d—was originally due to have been hit last year. Nine days after his moment of triumph, Fares was out of a job after a mass resignation of the cabinet, appointed only the pr
Also in this section
23 January 2025
The end of transit, though widely anticipated, leaves Europe paying a third more for gas than a year ago and greatly exposed to supply shocks
23 January 2025
The country’s government and E&P companies are leaving no stone unturned in their quest to increase domestic crude output as BP–ONGC tie-up leads the way
22 January 2025
The return of Donald Trump gives further evidence of ‘big oil’ as an investable asset, with the only question being whether anyone is really surprised
21 January 2025
The new president must put his cards on the table and tell the American people, and the world, if the US is formally abandoning the energy transition
