Middle East

In Brief

Kuwait light oil output to rise

DUBAI: Kuwait’s production of light crude is expected to rise to 250,000 barrels per day in three years’ time and to 300,000 bpd by 2023, Ali Hussain Al-Kandari, manager of production and projects at Kuwait Oil Company said.

Light crude output is currently 180,000 bpd, with natural gas at 0.5 billion cubic feet, Kandari said in remarks carried by the state news agency.

Tethys takes stake in Oman

STOCKHOLM: Sweden-based Tethys Oil has entered into an agreement to acquire a two per cent participating interest in Block 53 onshore Oman from Total E&P Oman, a wholly-owned subsidiary of Total S A for $32 million.

Block 53 holds the Mukhaizna oil field, the single largest producing oil field in Oman with a gross production in excess of 100,000 bopd. The acquisition is subject to government approval and the waiver of partner pre-emption rights, Tethys Oil said in a statement on its website. "We welcome this opportunity which, if completed, will be a valuable complement to our existing asset base and underscores our long-term commitment to the Sultanate of Oman," said Tethys Oil’s managing director Magnus Nordin.

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