Kuwait Petroleum Corp to invest $113bn in five years, expand refining capacity
KPC's 2040 strategic direction has set an ambitious road map for the Kuwaiti oil sector to execute mega projects inside and outside the State of Kuwait on various aspects, with the ultimate goal to maximise revenue generation to the nation's economy.
Kuwait plans to invest $113bn over the next five years to enhance oil exploration and production activities both inside and outside the country, according to a news report by Kuwait News Agency (Kuna).
Nizar Al-Adsani, CEO of Kuwait Petroleum Corporation (KPC), said that KPC's 2040 strategic direction has set an ambitious road map for the Kuwaiti oil sector to execute mega projects inside and outside the State of Kuwait on various aspects, with the ultimate goal to maximise revenue generation to the nation's economy, Kuna reported.
Al-Adsani said: "We plan to invest KD 34 billion ($113bn) over the next five years on these projects. Inside Kuwait, the oil and gas growth strategy is bridging the demand gap, as well as making energy more accessible to consumers in the emergent economies and the developing world. This strategy includes achieving four million barrels per day of crude oil production by the year 2020 and creating the mechanisms to maintain such production levels."
“We will be maximising exploration activities, as well as the development and production of non-associated natural gas in Kuwait with a target to achieve 2.5 billion standard cubic feet per day by the year 2040. Furthermore, KPC is expanding its refining capacities and capabilities both domestically and internationally.”
“We in KPC believe that petrochemicals is an important arm to maximise KPC's value chain returns and we are focusing on expanding our commodity chemical portfolio," added Al-Adsani. KPC will seek benefit from the experience and the technological advantages of joint venture partners to reach further down the hydrocarbon chain and ensure diversification towards specialty and derivative petrochemicals, as per the Kuna report.
“KPC provides additional job opportunities for over 13,000 to join us during the 2040 Strategic Directions Implementation, in addition to 100,000 in-direct job opportunities through contractors. Our employees are our most valuable investments and we focus on developing their capabilities and skills. We believe the focus of any successful strategy centres on human competency development. Such a strategy maintains the excellence required, provided through the strength of our human resources. We continuously encourage the sharing of the best practices and collaborative work amongst members of the oil sector.”
According to the Kuna report, Nizar Al-Adsani was speaking at the opening of the Fifth Kuwait Oil and Gas Conference and Exhibition.