Sheikh Nawaf Al-Sabah added in an interview with Bloomberg: “We are looking forward to making huge investments… not only to maintain our production capacity, but ultimately to grow it as our strategy calls for us to do.”
Objectives of Kuwait Petroleum Corporation
According to Bloomberg, KPC’s planned spending is part of a 20 billion dinar investment program that began in April and covers everything from exploration activities to petrochemicals.
- targeting Kuwait Petroleum Corporation Increasing production capacity to 3.2 million barrels per day in 2025.
- The corporation aims to reach production of 4 million barrels per day by 2035.
KuwaitAs one of the 10 largest global producers, it is betting that strong demand for oil will continue until the middle of the century. With the escalation of the trend towards renewable energy sources and electric cars, the corporation confirms that it is focusing on providing production at the lowest cost and lowest carbon emissions.
According to Bloomberg, Kuwait pumps just under 2.5 million barrels per day, higher than its OPEC colleagues Nigeria and Libya. With the decline in oil field production in many countries, there is a growing need for those that can provide stable production, according to the CEO of the Petroleum Corporation.
Sheikh Nawaf Al-Sabah said: “We need to replace at least 3 million barrels per day of production capacity annually from fields located around the world.” This means “a production equivalent to what Kuwait produces every year.”
