Kuwait to Invest $115b in Oil Projects

Kuwait to Invest $115b in Oil ProjectsKuwait to Invest $115b in Oil Projects

Kuwait plans to invest $115 billion in oil projects over the next five years, a senior executive said. “We have earmarked 34.5 billion dinars for spending on oil projects over the next five years,” said Wafa al-Zaabi, the head of planning at Kuwait Petroleum Corporation, Trade Arabia reported. “Over $100 billion will be spent on the local market and the rest abroad,” she said. "More than two-thirds of the investment have been allocated for exploration and production." Kuwait aims to raise its production capacity, currently just over 3 million barrels per day, to 4 million bpd by 2020 and maintain it for another decade, the report said. "Plans include building four gathering centers, boosting heavy oil production and raising output of free natural gas," Zaabi said. According to a Kuwait Oil Company executive, Kuwait plans to start an offshore oil exploration program within two years as part of its plans to boost oil production capacity. Most of Kuwait's production is from the onshore Burgan Field, the world's second largest, in the southeast of the country.