Kuwait has announced an ambitious investment strategy to channel up to $50 billion over the next five years into expanding its oil production capacities. This was revealed by Sheikh Nawaf Al-Sabah, Deputy Chairman of the Kuwait Petroleum Corporation (KPC).
According to Al-Sabah, KPC plans to invest between $9 billion and $10 billion annually in oil development projects to increase production capacity to over 3 million barrels per day by 2030. This initiative is part of a long-term strategy aiming to reach a capacity of around 4 million barrels per day by 2040.
Al-Sabah stated that the investments would focus on developing existing oil fields, enhancing the efficiency of production processes, and employing modern technologies to improve extraction and boost yields from depleted fields. The strategy also includes expanding infrastructure related to the oil industry, such as refineries, pipelines, storage, and transport facilities.
The senior Kuwaiti official emphasized that the expansion of production capacity is not only intended to meet rising global energy demand but also to ensure the sustainability of Kuwait’s oil revenues amid future challenges in the energy market – such as shifts in demand and the balancing act between fossil fuels and the transition to renewable energy.
He added that Kuwait is committed to maintaining its position as a reliable oil producer while also adhering to environmental standards and clean technologies. KPC is working to strike a balance between production growth and reducing CO₂ emissions as part of its sustainable energy strategy.
This announcement comes at a time when global oil markets are characterized by price volatility and changes in international climate policy – factors prompting many oil-producing countries to rethink their investment strategies to secure market share and ensure long-term financing sources.
Kuwait Petroleum Corporation manages the majority of the country’s oil industry – including exploration, production, refining, and export – and is one of the main pillars of the Kuwaiti economy.
