Kuwait plans $100 billion capital spending for oil sector
Through the projects, Kuwait aims to increase its crude oil production capacity to 4.0 million barrels per day (bdp) by 2020 compared with the current production level of around 3.2 million bpd as well as to ensure integration between new refineries and petrochemical plants. The country targets to increase its capacity to 3.5 million bpd by the end of 2015.
Over the past year, Kuwait launched major projects including a $4.2 billion deal for a 60,000 bdp Lower Fars heavy oil project and is currently planning to award contracts valued at $15 billion investment to build a new refinery with a production capacity of 615,000 bdp. In addition, the country is also undergoing a $12 billion upgrade for two of its refineries in order to make them more environmentally friendly.
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