Kuwait - Shaikh Nawaf Al-Saud Al-Nasser Al-Sabah.

KPC's Deputy CEO and general counsel, Shaikh Nawaf in March 2009 told reporters on the sidelines of the Wharton Global Forum in Dubai that the group was spending $80 bn on its upstream and downstream projects over the next five years. On crude oil prices, with paper WTI then at $46/b, Shaikh Nawaf said that was "not far away form the comfort zone".

Shaikh Nawaf admitted, however, that the global economic crisis had forced the group to rethink some of its timings to achieve its goals. But he added: "Our essential elements remain unchanged. We are planning to deploy our considerable resources to position ourselves to capture market opportunities on the way down and on the inevitable way up".

Shaikh Nawaf, also advising the oil minister, said KPC was looking to develop non-associated gas fields in the country to help it meet Kuwait's rising energy needs. He noted: "The gas Kuwait uses now is all associated[with oil production] and it is insufficient by a long shot to meet our power generation and petrochemical needs; so we have got to use other fuels We are burning liquids in our power generators during the summer months and that is not economically or environmentally sound so we need additional gas". He added that Kuwait then was close to agreeing on a deal to import liquefied natural gas (LNG) from Qatar during the summer when energy demand usually peaks. He said: "The development of our non-associated gas fields is a priority. But this will take some time".

Emphasising the importance of Project ...