The Kuwait Petroleum Corporation’s (KPC) board of directors made several vital decisions to finance its strategic projects, among them KPC has gained the approval to borrow around $6.58 billion from Kuwaiti banks, as reported on Reuters citing Arab Times.

This comes as part of the borrowing program in accordance with the Cabinet’s decision in this regard, according to Al-Rai daily,

KPC has made a record in drilling wells in the span of the past five years. The company recently disclosed that it has spent approximately KD 3.4 billion on drilling 2,482 wells. A source said that the development of oil reservoirs is under regular periodic reviews to guarantee the good performance of the reservoirs and ensuring the maintenance of the oil flow.