Kuwait set to spend $500 bln on energy
The chief executive officer of state-run Kuwait Petroleum Corp. (KPC), Nezar Al-Adasani, said the firm plans to carry out a number of major projects to boost oil production to 4.75 million barrels per day by 2040.
“To achieve these targets, KPC plans to spend $114 billion in capital expenditure over the next five years and an additional $394 billion beyond that to 2040,” Adasani told the Energy Strategy Forum in Kuwait City.
“KPC has launched the 2040 strategy which focuses on growth in all its activities that require significant funds to finance the mega projects,” he said.
Kuwait currently has a crude production capacity of around 3.1 million bpd, excluding some 250,000 bpd from the neutral zone with Saudi Arabia which has remained shut since October 2014. It plans to raise its output capacity to four million bpd by 2020.
Adasani said the firm also plans to raise free natural gas production to 2.5 billion cubic feet a day by 2040 from just 200 million cubic feet a day currently. Free gas production will reach half a billion cubic feet in April and one billion cubic feet in 2023, he said.
$600 bln in surplus
The oil-rich emirate plans to raise its refining capacity to two million bpd by 2035 from less than 800,000 bpd now, Adasani said.