(MENAFN) Kuwait Petroleum Corp has revealed its spending is estimated to reach more than $500 billion, while it aims to increase its crude oil production capacity to 4.75 million barrels per day by 2040.
Chief Executive Nizar al-Adsani declared "KPC is expected to spend $114 billion in capex over the next five years and an additional $394 billion beyond that to 2040."
The firm has already announced a year ago its objective to boost its oil production capacity to 4.75 million bpd, considering its capacity at the moment is about 3.15 million bpd.
Meanwhile, the forecast is to go above the existing output of Iraq, which has a production 4.4 million bpd, as well as Iran, which has a production of 3.8 million bpd.
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