Kuwait will spend more than $30 billion to increase oil production

Kuwait Petroleum Corp. (KPC) intends to invest about 10 billion Kuwaiti dinars ($33 billion) over five years to increase oil production. According to CEO Sheikh Nawaf Al-Sabah, the company plans not only to maintain the current capacity, but also to significantly increase it in accordance with strategic goals.

According to Nawaf, Kuwait's forecast for stable oil demand until the middle of the century coincides with the expectations of such major market players as TotalEnergies SE and Vitol Group. However, the International Energy Agency (IEA) suggests that global oil use will peak by 2030 due to the shift to electric vehicles and renewable energy sources.

KPC's investments are part of a large-scale program worth 20 billion dinars, launched in April and covering the entire spectrum of the oil industry – from production to petrochemicals. In 2024, the company intends to reach a production capacity of 3.2 million barrels per day, and by 2035 to increase this figure to 4 million barrels.

Today, Kuwait is one of the ten largest oil producers, producing about 2.5 million barrels daily, and continues to strengthen its position in the global energy sector.