Kuwait Petroleum Corp (KPC) plans to spend $90bn in the next five years as part of its strategy to boost oil production capacity to 4 million barrels a day by 2020, a senior executive at the company said on Monday.
The world’s fourth-largest oil exporter currently has a crude production capacity of around 3.3 million barrels per day.
“Around $90bn is estimated to be spent in the next five years to implement KPC’s growth strategy,” Hashim Al Rifai, managing director for planning at KPC told a news conference.
OPEC producers are planning to spend high sums to expand their production capacity.
Abu Dhabi National Oil Co (ADNOC) in the United Arab Emirates, the world’s third largest oil exporter, had said it plans investment of $60bn in the next five years in oil and gas development.
Al Rifai said the total $90bn sum included expenditure on oil investments abroad, including refineries in Vietnam and China and and upgrading the oil tanker fleet as well as projects to achieve the 2020 oil production capacity target.
Petrovietnam, Vietnam’s second largest refinery, has been developing the 200,000 barrel per day (bpd) refinery in Nghi Son, 215 km (134 miles) south of Hanoi, in a joint venture with Kuwait Petroleum International, Japan’s Idemitsu Kosan Co and Mitsui Chemicals Inc.
Kuwait Oil Company (KOC), a unit of KPC, is also planing to start heavy oil production in the fiscal year of 2015/2016 at a rate of 60,000 barrels per day, its chairman Sami Al Rushaid said during the same news conference.
The production will be raised to 250,000-270,000 barrels per day, he added.
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