Kuwait is to invest $51 billion in its energy sector over the next five years in a bid to increase production capacity and stem a decline in supply from older oilfields, according to the head of the state oil company.
Chief executive of Kuwait Petroleum Sa’ad Al-Shuwaib said the country was undertaking an “aggressive programme to enhance production capacity”, quoted newswire Bloomberg, adding that production should reach four million barrels per day (bpd) by 2020.
According to Al-Shuwaib, Kuwait Oil Company is set to develop heavy-oil reserves in the Lower Fars reservoir with ExxonMobil within two to three years, producing “very sufficient quantities” within five years.
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