(MENAFN) As it's lifting its oil production capacity to 4.75 million barrels per day in 2040, Kuwait Petroleum Corp expects to spend over USD500 billion, the national oil firm said on Wednesday, outlining ambitious growth plans for the next two decades.
"KPC is expected to spend $114 billion in capex over the next five years and an additional USD394 billion beyond that to 2040," Chief Executive Nizar al-Adsani told an oil industry conference.
Kuwait's current oil production capacity is around 3.15 million bpd. It revealed the plan to boost capacity to 4.75 million bpd early last year.
Iraq and Iran plan to increase output steeply in the upcoming years to compete with OPEC leader Saudi Arabia, which produces around 10 million bpd and has capacity of over 12 million bpd.
It's worth mentioning that this plan by Kuwait to increase capacity reflects a willingness among OPEC producers to fight for market share in the long term as global oil demand rises and as the organization faces competition from Russia and two fast-emerging oil superpowers, the United States and Brazil.
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