The Kuwait Petroleum Corporation (KPC) plans to invest $9-10bn into its upstream sector each year for the remainder of the decade as it targets significant upstream capacity growth. “Our mission is to optimize the value of Kuwait’s hydrocarbon resources through a sustainable and globally integrated operation, contributing to Kuwait’s economic development while offering growth opportunities for our people,” CEO Sheikh Nawaf Al Sabah told an event hosted by the Baker Institute in Kuwait on 8 December.
Kuwait’s reserve base is huge, with its 101.5bn barrels of crude oil the sixth largest globally, according to the Opec ASB, while its 1.78tcf of natural gas ranks as the 21st largest in the world. However, domestic political gridlock in the past hampered efforts to build capacity and its longstanding target of 4mn b/d capacity by 2020 was cancelled in 2018 (MEES, 14 December 2018). The 4mn b/d goal has now been reinstated for 2035. Kuwait also aims to triple non-associated gas capacity to 2bn cfd by 2040. (CONTINUED – 923 WORDS)
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