Kuwait’s challenges in attracting foreign investment and expertise to increase crude production have been underlined by further political turbulence in its oil sector. In the absence of a significant local IOC presence, KPC sees overseas upstream arm Kufpec as a conduit for the import of new tech and practices.
Kuwait has reiterated its commitment to the necessary investments to achieve its planned increases to production capacity. Speaking at the Atlantic Council Energy and Economic Summit in Istanbul on 20 November, Shaikh Nawaf al-Sabah, CEO of Kuwait Petroleum Corporation (KPC) overseas upstream arm Kufpec, said “Right now, Kuwaiti production is about 3mn b/d of oil. We have a plan to reach 4mn within the next few years, that will require massive investment in Kuwait and we will make those investments in Kuwait.” (CONTINUED - 1287 WORDS)