Kuwait's KOC plans $33-billion spend over next 5 years

Kuwait’s KPC plans $33-billion spend over next 5 years

KUWAIT CITY, November 21, 2024 – The Kuwait Petroleum Corporation is planning to invest around USD 33 billion in maintaining and expanding its oil and gas production over the coming five years, Bloomberg reported on Thursday.

“We’re looking to make massive investments,” CEO Shaikh Nawaf S. Al Sabah told the news agency.

“[That’s] not only to maintain our production capacity, but ultimately grow it like our strategy calls for us to do.”

Read our latest interview with KPC’s Shaikh Nawaf S. Al Sabah here.

The NOC’s spending plan reflects Kuwait’s confidence in continuing strong demand for oil and gas despite the global energy transition.

“The market in oil demand – looking to 2050 and beyond – will continue to be more or less where it is now,” Sheikh Nawaf told Bloomberg.

“Who’s going to supply that oil? We are both lowest cost and lowest carbon intensity, and we intend to remain there.”

State upstream player Kuwait Oil Company targets 4 million bopd in national production by 2035 – a significant increase from 2023’s 2.91 million bopd.

Read our latest interview with KOC CEO Ahmad Jaber Al-Eidan here.

Photo courtesy of KOC.

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