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Kuwait

Kuwaiti Minister of Oil H.E. Imad Al Atiqi talks to The Energy Year about the pillars of the ministry’s 2024-2028 roadmap for Kuwait’s oil sector, opportunities in offshore drilling and objectives for the downstream segment. The Ministry of Oil is the governmental body in Kuwait’s Cabinet that protects and develops the country’s petroleum resources and oversees energy policy.

What are the main pillars of the Ministry of Oil’s 2024-2028 roadmap for Kuwait’s oil sector?
The Ministry of Oil’s integrated roadmap upholds the pillars of sustainable production, strategic alignment, innovation and workforce development. We aim to enhance our production capabilities while adhering to environmental standards, ensuring that KPC and its subsidiaries align with our national goals.
Our focus is on expediting essential projects, adopting innovative technologies and developing our workforce to meet the future demands of the industry and contribute effectively to Kuwait’s growth.

How do you expect oil markets will evolve in 2024 and beyond, and how can Kuwait support the stability of petroleum markets globally?
In response to the dynamic nature of the global energy industry, our ministry expects the Middle East to remain a key player in the global arena, with Kuwait strategically positioned to contribute significantly to market stability.
Our production cuts, carried out in co-ordination with OPEC+ partners, underscore our commitment to balanced and stable global petroleum markets. Kuwait’s robust infrastructure and strategic reserves equip us to adapt and respond effectively to global market dynamics.

What are the main opportunities associated with offshore drilling and the development of the Dorra gasfield?
To reach our ambitious targets, the ministry prioritises technological advancements, infrastructure development and regional co-operation, particularly as we venture into offshore drilling. The Dorra gasfield symbolises a significant stride towards energy diversification and self-reliance, presenting opportunities for growth and innovation while also posing challenges related to technical execution and international collaboration, all of which we are committed to navigating successfully.

With several downstream mega-projects coming online, what are the key objectives set out by your ministry for the downstream segment?
The ministry’s objectives for the downstream sector focus on enhancing efficiency, optimising product mixes and reinforcing our global market presence. The Al Zour and OQ8 (Duqm) refineries are instrumental in this strategy, enabling us to process heavy grades of oil more efficiently and maximise our exports of lighter, more profitable crude. These refineries not only bolster our position as a leading exporter but also signify our commitment to innovation and excellence in the downstream sector.

What steps do you plan to take to facilitate the reduction of greenhouse gas emissions and support the adoption of CCUS?
The ministry is focused on reducing GHG emissions through the adoption of new technologies and supporting KPC in its decarbonisation efforts, notably in CCUS. We are committed to advancing technical solutions that reduce emissions, ensuring that our fossil fuel utilisation is compatible with our environmental responsibilities and global climate commitments.

How would you describe your ministry’s strategy to support the domestic energy sector?
The ministry’s strategy involves enhancing the legal framework to support the energy sector’s growth, aligning with Kuwait Vision 2035. This entails updating laws and regulations to foster innovation, investment and environmental stewardship, ensuring that the sector can navigate future challenges and contribute to national development sustainably and effectively.

What specific goals have you set for your ministry in 2024 and beyond?
In 2024, our ministry aims to advance strategic projects, promote industry resilience, intensify sustainability efforts and enhance Kuwait’s role in the global energy landscape. We are focused on increasing revenues, optimising expenditures and ensuring that our sector remains a cornerstone of Kuwait’s economic prosperity and global energy contribution.

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