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Tue 13 Mar 2012 10:56 AM

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Kuwait to boost oil output to 4m bpd by 2020

Oil minister says Gulf state will spend US$30.5m on ramping up production

Kuwait to boost oil output to 4m bpd by 2020
The projects would cost roughly KD8.5bn (US$30.5bn) and need 100,000 workers.

Kuwait
plans to boost its oil production from 3m bpd to 4m bpd by 2020,
the Gulf state’s oil minister has said.

Speaking
ahead of the International Energy Forum, Hani Hussein said the country was
eyeing new oil refinery and environmental fuel projects, both of which are a priority, according to a report by state news agency
KUNA.

The
projects would cost roughly KD8.5bn (US$30.5bn) and need 100,000 workers, Hussein added.

He
also made clear that Kuwait was against a fresh rise in international oil prices,
which Hussein said would be harmful in the long term.

Talking to
Dow Jones reporters, Hussein - who is also chairman of Kuwait Petroleum Company - said Kuwait was
also looking at contingency plans in case the Strait of Hormuz was blocked by Iran due to rising regional tensions.

Kuwait is
OPEC's fourth largest exporter of oil.

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