State-owned Kuwait Oil Company (KOC) is set to spend about KD24 billion ($79 billion) oevr the next five years, as part of its plans to boost the output capacity to 4 million bpd, from 3.1 million bpd currently, reported Reuters, quoting unnamed sources.

The KOC, one of the world's largest crude exporters, had awarded contracts worth nearly KD7.7 billion ($25.37 billion) between 2014 and 2016, as part of its ongoing plan to expand its production capacity, said the sources, without giving further details on KOC’s future plans.

Contracts worth about KD8.25 billion were awarded in 2014, while those signed in 2015 stood at nearly $10.9 billion, said the report  citing figures by Kuwait's Central Tenders Committee.

Contracts signed in 2016 were far below the previous two years, with their value standing at around KD1.9 billion, it added.