Kuwait Targets 2030 For Delivery Of $19bn In Megaprojects

12 May 2023 Issue: 66 / 19 By: Yesar Al-Maleki

KPC is planning to deliver ten megaprojects by 2030 with a joint focus on boosting upstream capacity and expanding further downstream into petchems. But soaring costs, project delays and disruptive Kuwaiti politics continue to cloud the outlook.

Kuwait’s umbrella national oil company KPC has always had an impressive roster of oil sector projects to deliver but its aspirations have repeatedly been grounded by delays and cost overruns. Far from hitting targeted increases, oil production capacity has actually fallen in recent years. Its long-standing 4mn b/d target, having been missed for 2020, has been kicked back to 2035 (MEES, 10 March) – though this is some five years earlier than the previously-communicated 2040 (MEES, 22 October 2021).

KPC appears keen to expedite ongoing projects and revive other long-planned and delayed ones according to insider plans acquired by local daily Al-Anbaa. The firm, via its subsidiaries, is planning to deliver ten oil megaprojects between 2024 and 2030 with a total price tag of about $19bn (see table). Some of these have been at least a decade in planning or are years behind schedule. (CONTINUED - 1493 WORDS)