ME Report

Kuwait Energy Structure and Opportunities — In Preparation for non-OPEC Production Peak

  • High oil prices motivated Kuwait to surpass the 3 million b/d production threshold in 2Q 2012; the target is 4 million b/d by 2020
  • Heavy oil reserves must be utilised to continue to raise production sustainably
  • Kuwaiti contracts offer relatively few incentives for international oil companies but they have been upgraded in an effort to prevent delays
  • Oil demand, non-OPEC production and oil prices will determine whether Kuwait is left with significant spare capacity by 2018
  • Kuwait continues to invest in energy sources alternative to oil for the production of electricity to help boost oil exports
  • However, hydrocarbons are set to remain mainstay of Kuwait’s energy mix

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