Kuwait Petroleum Corporation (KPC) eyes boosting its crude oil output through spending an expected amount exceeding $500 billion. The new capacity is expected to reach 4.75 million barrels per day (b/d) in 2040, from the current 3.15 million b/d production capacity. The national oil firm announced its plans for the coming two decades on January 31st, according to Reuters.
The output-increase investment plan come despite the country’s estimations of a budget deficit during next fiscal year, which will be happening for the fourth consecutive year because of low world oil prices, reported Channel News Asia.
“KPC is expected to spend $114 billion in capex over the next five years and an additional $394 billion beyond that to 2040,” said Nizar al-Adsani, Chief Executive at KPC.
The targeted output is expected to exceed Iraq and Iran’s current production, which are OPEC’s second and third biggest output levels, recording 4.4 million and 3.8 million b/d respectively in December 2017.