Oil & Gas Kuwait to invest up to $50bn in five-year oil expansion plan By Nadim Kawach May 16, 2025, 10:34 AM Reuters Sheikh Nawaf Al-Sabah, deputy chairman of the Kuwait Petroleum Corporation, said it plans 'planning to invest $9 to $10 billion annually in the next five years' to increase oil output Kuwait plans to pump as much as $50 billion into projects to expand its oil production capacity to more than 3 million barrels per day (bpd) over the next five years, a senior Kuwaiti oil official said. The investments are part of an even longer term plan to lift the Gulf emirate’s crude output capacity to nearly 4 million bpd by 2040, said Sheikh Nawaf Al-Sabah, deputy chairman of the Kuwait Petroleum Corporation (KPC), which manages the country’s hydrocarbon industry. Al-Sabah, who spoke at the US Baker Institute this week, said the 2040 plan also includes producing about 2 billion cubic feet of gas. “We are planning to invest $9 to $10 billion annually in the next five years to increase Kuwait’s oil production capacity to 3.2 million barrels per day,” he said, in comments published this week by Al-Rai daily and other Kuwaiti outlets. “Despite these expansion plans, we will remain committed to the target of zero carbon in 2050…at the same time, we will be also committed to ensuring stable energy supplies in the future,” he said. Kuwait, a founding Opec member, is on a drive to expand its hydrocarbon sector, including crude output, refining and petrochemicals. Kuwait cuts off crypto mining to save power China to build large solar power plant in Kuwait Kuwait to build solar power plants by next summer The emirate has produced on average just over 2.4 million bpd in the past year but its sustainable output capacity is closer to 2.8 million bpd. Bader Al-Attar, managing director of planning and finance at KPC, said in March that the 2040 capacity target is nearly a third more than present capacity. “We are aspiring to grow our upstream production capacity domestically to reach four million bpd in 2035 and maintain that until 2040,” he said. Kuwait controls around 101 billion barrels of recoverable oil deposits, the world’s sixth largest. At present output levels and in the absence of further crude discoveries, those reserves could last more than a century. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
