Kuwait Petroleum Corporation plans to invest $113 billion over the next five years with the aim of boosting oil exploration and production both inside and outside the country, Trade Arabia reported.
The investments are part of KPC’s 2040 roadmap for the country’s oil sector, whose objective is to maximize revenue generation for Kuwait’s economy.
“Through this we aim to raise production of non-associated gas to nearly 500 million standard cubic feet per day (scf/d) by the end of 2018,” stated Oil Minister Bakhit Al-Rashidi.
The refining and petrochemical sector accounts for 60% of the country’s gas consumption while the remaining 40% is used for power generation.
“This strategy includes achieving four million barrels per day of crude oil production by 2020 and creating the mechanisms to maintain such production levels,” Al-Rashidi added.