Abu Dhabi: Kuwait is planning to invest $112 billion (Dh411 billion) in the next five years in the oil and gas sector to boost production, managing director of Kuwait Petroleum Corporation said.
In the oil sector, the Gulf country will increase production capacity from the current levels of 3.2 million barrels per day to four million barrels per day by 2020, said Wafaa Yousuf Al Zaabi speaking at Atlantic Council Global Energy Forum in Abu Dhabi on Friday.
“We are investing in Kuwait as well as outside the country. Our strategy is growth in upstream, downstream and petrochemicals sectors.”
In the natural gas, Kuwait will increase production from 200 million bcf (billion cubic feet) per day to 500 million bcf per day by mid of this year, to one billion bcf by 2020 and to 2.5 billion bcf by 2040.
In the downstream sector, Kuwait will finalise upgrading its existing facility by the end of this year and will commission a new refinery with a capacity of 612,000 barrels per day which will be integrated with petrochemical complex in Kuwait.
The country will also be taking the final investment decision for a refinery in Oman in a joint venture with Oman Oil Company.
It is also seeking opportunities in Asian countries in refining and petrochemical sectors and is implementing two projects in the US and Canada, she added.
“Demand for oil will continue although there will be some changes in renewables and also on gas side. We are thinking on a long-term basis.”