Plans by Kuwait Petroleum Corporation (KPC) to raise the emirate’s crude oil production capacity to 3.2mn b/d by the end of this year, up from the 2.9mn b/d mid-2023 figure (MEES, 7 July 2023), have been pushed into next year. Capacity would come from fields in Kuwait, operated by state firm Kuwait Oil Company (KOC), and those in the Partitioned Neutral Zone (PNZ) shared 50:50 with Saudi Arabia.
Speaking to Bloomberg on 21 November, KPC CEO Sheikh Nawaf Al Sabah did not disclose when in 2025 the 3.2mn b/d target might be hit, but highlighted KPC’s goal of spending around KD10bn ($33bn) over the next five years “not only to maintain our production capacity, but [to] ultimately grow it like our strategy calls for us to do.” Sheikh Nawaf is optimistic on future global oil demand, emphasizing the need for continued investment to replace depleted output over the long-term. (CONTINUED - 872 WORDS)
