The Kuwait Oil Company (KOC), the subsidiary of Kuwait Petroleum Corporation (KPC), that handles the export of crude has increased its capacity from 2.5 million barrels a day to 3.2 million barrels a day this year – an increase of 28 per cent – its Manager (Export and Marine Operations) Fadhel M Boresle told Emirates Business.
"We are exporting about 2.5 million barrels a day. But we can export 3.2 million barrels a day," said Boresle.
The company has also increased its capacity to store crude to 30 million barrels from 14 million barrels this year, he said. "We have commissioned four calm [catenary anchor leg mooring) buoys this year. This would help us pump more oil into the ships," said Boresle. The company has also ordered a new fleet of floating barges, mooring boats and tugboats to handle its enhanced production capacity. "We are building a new fleet."
Boresle, however, declined to comment on the cost of the project the KOC is currently undertaking for enhancing its export capacity.
The Kuwaiti official said KOC has commissioned a study to understand the means to increase the proportion of segregated oil (oil is classified into categories such as light or heavy) in its exports. "As of now, we export just about half a million barrel of segregated oil out of the total 2.5 million barrels. We want to increase its content in our exports."
As of now, the KOC exports oil after mixing all its grades.
The KOC exports most of its crude to Asia Boresle, said. "About 80 per cent of our exports are directed to Asia. The rest of it goes to Europe and the US."
The KPC was established in January 1980 to bring together under one umbrella the nationally owned companies operating in the fields of oil production, processing and transportation.
KOC's responsibilities under the KPC's umbrella are exploration, drilling, and production of oil and gas.