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