Kuwait issues light oil for the first time in its history. A seasoned commentator for CNN

Kuwait: Kuwait exported its first shipment of high quality light crude oil Wednesday for the first time in its history, with the goal of increasing production of this type of oil from 200,000 to 250,000 barrels a day.

For his part, the Kuwaiti Minister of Petroleum, Electricity and Water, Bakhit Shabib Al-Rashidi, has considered exporting the first shipment of high quality light crude oil intended to develop gas deposits in northern Kuwait, with a production capacity of about 500 million cubic feet of gas a day and about 175,000 barrels a day. Sweet oil.

Regarding renewable energy, the minister planned to see the country before the end of this year of the Aldabdaba solar energy project implementation contract, initially to reach 15% of the production of Electricity from renewable sources of energy.

"The discovery of free gas in northern Kuwait has added a qualitative leap to the Kuwaiti oil industry and its entry into the list of countries producing free gas," said Jamal Abdul Aziz Jafar, chief executive of Kuwait. Kuwait Oil Company.

He pointed out that the project to develop these reservoirs in the north of the country consisted of three stages, the first of which consists in operating an oil company for the first natural gas production facility with a production capacity equivalent to 130 million cubic feet of gas per day and 50,000 barrels of crude oil. Free to 500 million cubic feet per day and oil production capacity to 200,000 barrels of crude oil per day.

According to Chief Executive Officer Jamal Jafar, the company plans to launch the third phase of increasing free gas production capacity to one billion cubic feet per day and to 250,000 barrels of light oil per day at over the next five years.

For its part, Kamel Abdullah al-Harami, an independent oil analyst, said that Kuwait, after 72 years of exporting the first shipment of Kuwaiti oil to the world, was starting the Petroleum Corporation to export the first cargo of light oil Kuwaiti with a density index between 48 and 49 degrees. Another crude oil, like the rest of the world's oil producing countries that has several types.

In statements to CNN in Arabic, he said Kuwait's light oil, one of the best types of oil and the highest value, exceeds the price of Kuwaiti oil by more than $ 5 and could be equal to Brent index.

Al-Harami said that Kuwait's light oil, closer to Algerian oil, "Sahara Bland" and Malaysian oil "Tabs" of the density according to the US index.

He clarified that the first shipment would be destined to East Asia and not to Europe because of the price difference. He explained that Kuwait was producing this type of oil at the rate of 130,000 barrels from the North, which was achieved with the discovery of free gas at the end of 2005. 300 thousand barrels at the end of 2025.

Al-Haremi believes that KOTI refineries will achieve better financial returns by mixing light Kuwaiti extra-light oil with the rest of the other oil and gaining added value and better oil derivatives.

"With the lightest, lightest production that is the best and most needed in the world, we have entered the super clubs, accounting for about 40% of total oil production and the rest of the medium and heavy oil producers," he said. said the oil analyst.