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Kuwait is investing heavily as it strives to achieve its near- and longer-term upstream production goals. Oil Minister Bakhit al-Rashidi emphasized plans to invest KD34bn ($113bn) over the next five years at the CWC Kuwait conference this week, 70% of which will be for the upstream.
Nizar al-Adsani, CEO of state firm Kuwait Petroleum Corporation (KPC) continues to assert that Kuwait can reach its 2020 target of 4mn b/d oil (crude and condensate) production capacity. Kuwait plans oil and gas “megaprojects” both domestically and overseas as part of plans to further boost output to 4.75mn b/d by 2040, he adds. (CONTINUED - 1451 WORDS)