ABU DHABI - Kuwait plans to invest $56 billion, much more than previously announced, on domestic oil and natural gas projects over the next five years to help meet rising global demand, the chairman and managing director of state-owned Kuwait Oil Co. said in remarks published Monday.
Sami al-Rushaid said Kuwait intends to boost oil production capacity to 3.65 million barrels per day by 2020, up from 3 million barrels per day currently. The Abu Dhabi exhibition center published his remarks as part of its daily update on an international oil conference taking place there. It did not provide details of the OPEC country's plans for natural gas beyond the pledge to increase capacity there as well.
"This will require a huge increase in our production from primary and secondary sources. We aim to incorporate 750,000 barrels per day of this from new exploration," he said.
Previously he said Kuwait plans to up its crude output capacity from 3 million barrels per day to 3.2 million barrels a day by 2015.
The move is part of a broader strategy to increase oil output capacity to 4 million barrels per day by 2030. That goal was announced before international sanctions against Tehran's nuclear program cut off much of Iran's supplies, further increasing global demand for power.
Gulf Arab producers, including Kuwait, have stepped up their output in recent months following calls by the U.S. and other governments to make up for displaced Iranian barrels.
Earlier this month, state-run Kuwait News Agency quoted the chief executive of national oil conglomerate Kuwait Petroleum Corp. Faruq al-Zanki as saying Kuwait plans to spend $100 billion on oil projects at home and abroad over the next five years.
Copyright (c) 2012 Dow Jones & Company, Inc.
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