Kuwait to Invest $50 Billion to Boost Oil Production Capacity

Kuwait to Invest $50 Billion to Boost Oil Production Capacity

Kuwait, one of the top OPEC producers in the Middle East, plans to invest as much as $50 billion to raise its oil production capacity to above 3 million barrels per day (bpd) over the next five years, Kuwait Petroleum Corporation’s deputy chairman and CEO, Shaikh Nawaf Al-Sabah, has said.  Kuwait is “planning to invest $9 to $10 billion annually in the next five years” to increase oil production capacity, Arabian Gulf Business Insight (AGBI) quo…

Airbus delivered the first A321neo to Kuwait Airways, the national airline of the State of Kuwait. This delivery represents the first of nine aircraft of this model commissioned by the airline, as part of its transformation and growth strategy. Kuwait Airways’ A321neo has a modern and spacious cabin with 166 seats distributed [...]

Kuwait Examining New Upstream Contract Model

Kuwait is examining a new contract model for IOCs operating in the country as it targets a 1mn b/d increase in crude oil production capacity over the next...

Kuwait's KUFPEC receives approval to invest $1.54bn in developing Anambas block

The Kuwait Foreign Petroleum Exploration Company (KUFPEC) has been granted approval to proceed with the development of the Anambas block in Indonesia's Natuna Sea

Kuwait to invest up to $50bn in five-year oil expansion plan

Kuwait plans to pump as much as $50 billion into projects to expand its oil production capacity to more than 3 million barrels per day (bpd) over the next five years, a senior Kuwaiti oil official said. The investments are part of an even longer term plan to lift the Gulf emirate’s crude output capacity to nearly 4 million bpd by 2040, said Sheikh Nawaf Al-Sabah, deputy chairman of the Kuwait Petroleum Corporation (KPC), which manages the countr…