Kuwait Oil Company to invest $40bn
Kuwait, November 5, 2012
Kuwait Oil Company (KOC), the upstream division of the Kuwait Petroleum Corporation (KPC), plans to invest about $40 billion in the next five years, it was revealed today.
The investment is aimed at raising Kuwait’s sustainable oil production capacity, the Meed Kuwait Energy & Infrastructure 2013 conference was told this morning.
KOC deputy managing director for technical services Mazen Al-Sardi said that most of the investment involved projects in northern Kuwait, a statement said.
He added that bids will be invited for three major gathering centres in northern Kuwait in the first quarter of 2013.
KPC CEO Farouk Al-Zanki told the conference that Kuwait aims to lift sustainable oil production capacity by 1 million bpd in 2020-30. Kuwait is producing about 3 million bpd at present. – TradeArabia News Service
More Energy, Oil & Gas Stories
- Qatar sets up $1bn energy infrastructure fund
- Sembcorp inks Oman utilities JV project
- Saudi diesel import set to hit record levels
- $1bn Salalah IWPP opened officially
- Saudi oil exports plunge in March
- Kuwait replaces top oil sector officials
- Iran to boost diesel exports to Iraq
- European oil price investigation widens
- Key Iraq energy conference in Abu Dhabi
- Gulf Petrochem receives Meed award
