In a recent report, it was stated that Kuwait Oil Company (KOC), a state-owned company, plans to invest approximately $43 billion in new oil projects over the next five years. The CEO of KOC, Ahmed Jaber al-Aydan, revealed this information during a local seminar. The aim of these investments is to expand Kuwait’s oil production by nearly 200,000 barrels per day.
Currently, Kuwait has a crude oil production capacity of around 2.8 million barrels per day, and it is expected to reach 3 million barrels per day after 2025. According to al-Aydan, KOC intends to maintain a production level of about 4 million barrels per day until 2040. This expansion strategy involves various projects such as drilling new wells, increasing their output, and developing other facilities.
The CEO stated that KOC’s plan includes spending nearly KWD13 billion on projects and oilfield development, as well as the construction of new oil facilities. These investments are part of Kuwait’s long-term strategy to enhance its oil production capabilities and contribute to the global energy market.
