KPC reveals long-term strategy

摘要

Kuwait has outlined its long-term investment plans for upstream and downstream capacity growth to maintain market share and revenue. But fscal constraints will force it to tap debt markets more heavily. State-owned oil company KPC has earmarked capital expenditure of $114bn over the next fve years, and an additional $394bn to 2040. Kuwait will boost its crude output capacity to 4.7mn b/d by 2040, chief executive Nizar Mohammed al-Adsani says. Present capacity is around 3.3mn b/d. The country produced 2.7mn b/d of crude in December, exceeding its pledged reduction under the Opec supply restraint deal by 5pc. The longer-term expansion plans are intended to help Kuwait keep pace with the capacity growth targets of its Mideast Gulf peers, such as Iraq, Iran and the UAE.