Kuwait plans $100 billion capital spending for oil sector
by ChemOrbis Editorial Team - content@chemorbis.com
According to media reports, Kuwait plans capital spending of approximately $100 billion on oil projects over the next five years in order to revamp and expand the existing capacities in its petroleum industry. Despite the significant decreases in global crude oil prices stemming from ample supply, government officials reportedly stated that capital investments were necessary in order to maintain and develop the country’s positions both locally and globally as competition increases.
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.
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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