State-owned Kuwait Oil Company (KOC) is planning to pump nearly 13 billion Iraqi dinars ($43 billion) into new oil projects in the next five years to expand production by nearly 200,000 barrels per day, its CEO was quoted on Monday as saying.
Ahmed Al-Aidan said the crude oil production capacity of the OPEC member currently stands at around 2.8 million bpd and is expected to reach three 3 bpd after 2025.
He told a local seminar that capacity could rise to about 4 million bpd by 2035 and that KOC intends to maintain that level until 2040.