Kuwait plans to invest a whopping KD34 billion ($113 billion) over the next five years mainly to boost oil exploration and production activity both inside and outside the country, reported Kuwait News Agency (Kuna).

This comes as part of Kuwait Petroleum Corporation's (KPC) 2040 ambitious road map for the country's oil sector with the ultimate goal to maximize revenue generation to the Kuwait's economy, said the Kuna report citing the country’s oil minister.

"Through this we aim to raise production of nonassociated gas to nearly 500 million standard cu ft per day by the end of 2018," remarked Oil Minister Bakhit Al Rashidi.

He was delivering  his keynote address at opening of the Fifth Kuwait Oil and Gas Conference and Exhibition.

Kuwait's consumption of natural gas is about 60 per cent for refining and petrochemical sector while
the remaining 40 per cent for power generation sector, he stated.

The minister said that KPC had realized the growing role of the private sector and moved early on to outsource many services and materially locally, thus contributing to the growth and competitiveness of the private sector.

The execution of long-term strategy will enable the oil sector to move forward and adapt to the future successfully, said Bakhit, who is also the Minister of Electricity and Water.

"This strategy includes achieving four million barrels per day of crude oil production by 2020 and creating the mechanisms to maintain such production levels," he added.