Kuwait has set aside $5.6 billion for oil and gas projects aimed at boosting its crude output capacity according to Kuwait’s Arabic language daily Alanba.
The program seeks to boost the country’s oil production capacity to 3.5 million barrels per day in 2030. It also aims to develop gas deposits to satisfy domestic demand and reduce reliance on gas imports.
Kuwait Oil Company (KOC), a subsidiary of the Kuwait Petroleum Corporation, a government-owned holding company, manages the country’s upstream industry.
Read: Oil prices rise as Saudi, Russia extend supply cuts
“Capital spending by KOC leaped by nearly 95 percent in the 2022-2023 fiscal year to reach around KWD1.7 billion ($5.5 billion) compared with KWD871 million ($2.87 billion) in the previous fiscal year,” the report said.
High crude prices, today reaching $90, boosted KOC’s assets to $55 billion at the end of the past fiscal year on March 31, 2023.
Kuwait, is a prominent member of OPEC and is ambitiously planning to solidify its position as one of the world’s leading oil producers.
Kuwait intends to also raise natural gas production by 80 percent over its current output. Kuwait is hoping to meet growing global demand for energy. Saudi Arabia and the UAE also intend to boost their capacities by 1 million bpd each.
Furthermore, Kuwait’s push to boost oil production is in line with its long-standing commitment to OPEC’s production quotas.
While Kuwait recognizes the importance of its oil sector, the country is actively working towards expanding other sectors, such as finance, technology, and renewable energy, to ensure long-term economic stability while promoting sustainable development.
For more energy stories, click here.
