Kuwait plans to invest KD34.5 billion ($115 billion) on oil projects over the next five years, Arab News quoted a senior executive as saying.

“We have earmarked 34.5 billion dinars for spending on oil projects over the next five years,” said Wafa Al-Zaabi, head of planning at Kuwait Petroleum Corp, according to the report.

“Over KD30 billion ($100 billion) will be spent on the local market and the rest abroad,” she said.

More than two-thirds of the investment has been allocated for exploration and production, Al-Zaabi said.

Kuwait aims to raise its production capacity, currently just over three million barrels per day (bpd), to four million bpd by 2020 and maintain it for another decade, the Arab News report said.

Plans include building four gathering centres, boosting heavy oil production and raising output of free natural gas, Zaabi said.