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OPEC member Kuwait plans to spend more than $500 billion by 2040 to boost oil and gas capacity and refining production
.
Kuwait is expected to invest heavily in the oil and gas industry
for the fourth consecutive year despite a fiscal deficit expected for the next fiscal year due to low global oil prices, according to the Kuwait Times.
National oil giant Kuwait Oil Corporation (KPC) plans to implement a series of major projects by 2040 to boost oil production to 4.
75 million barrels
per day.
CEO Nizar Al Adani said: "To achieve these goals, KPC plans to spend $114 billion in capital expenditures over the next five years and an additional $394 billion
by 2040.
We also plan to increase natural gas production from the current 200 million cubic feet per day to 2.
5 billion cubic feet per day by 2040, 500 million cubic feet by April and 1 billion cubic feet
by 2023.
”
According to the Kuwait Times, Kuwait's current crude oil production capacity is around 3.
1 million barrels, excluding 250,000 barrels
from Saudi Arabia's neutral zone.
Kuwait plans to increase its capacity to 4 million barrels
by 2020.
OPEC member Kuwait plans to spend more than $500 billion by 2040 to boost oil and gas capacity and refining production
.
Kuwait is expected to invest heavily in the oil and gas industry
for the fourth consecutive year despite a fiscal deficit expected for the next fiscal year due to low global oil prices, according to the Kuwait Times.
National oil giant Kuwait Oil Corporation (KPC) plans to implement a series of major projects by 2040 to boost oil production to 4.
75 million barrels
per day.
CEO Nizar Al Adani said: "To achieve these goals, KPC plans to spend $114 billion in capital expenditures over the next five years and an additional $394 billion
by 2040.
We also plan to increase natural gas production from the current 200 million cubic feet per day to 2.
5 billion cubic feet per day by 2040, 500 million cubic feet by April and 1 billion cubic feet
by 2023.
”
According to the Kuwait Times, Kuwait's current crude oil production capacity is around 3.
1 million barrels, excluding 250,000 barrels
from Saudi Arabia's neutral zone.
Kuwait plans to increase its capacity to 4 million barrels
by 2020.
