The National reports that Kuwait is planning to substantially increase its capacity for crude oil production, as well as drastically boost its natural gas production and refining capacity.
The relatively small country in the Middle East hosts approximately 8% of the world’s currently known proven oil reserves. Data from OPEC shows that its crude oil production already increased from 2.42 million barrels per day (bpd) in 2021 to 2.7 million bpd in 2022, but it hopes to reach 3 million bpd by 2025.
To achieve this, Ahmad Al-Aidan, the Kuwait Oil Company’s chief executive, recently announced some $2.42 billion in investment over the next five years for oil-related developments. In addition, speaking at a recent OPEC seminar, Saad Al Barrak, the oil minister of Kuwait, said the country would spend more than $300 billion on energy projects between now and 2040.
The country has also announced targets to almost double its refining capacity from 755,000 bpd to 1.45 million bpd, and boost its production of natural gas to 930 million cubic feet per day, a roughly 79% increase. The announcement bucks the trend of underinvestment in new capacity. Some 8 million bpd in new production capacity is thought to be needed every year to replace lost production from aging fields.
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