Kuwait Oil plans $10.2 billion investment over 5 years


Kuwait Oil plans $10.2 billion investment over 5 years

BEIRUT -- State-owned Kuwait Oil Co., or KOC, plans to implement major capital projects in the coming five years with an estimated value of about $10.20 billion, Kuwait News Agency, or Kuna, reports Tuesday citing an executive.

The projects involve setting up new gathering centers and new manifolds, and laying crude oil pipelines, as well as the construction of effluent water injection plants, Sami Al Rushaid, KOC's chairman and managing director, told Kuna. These ventures also include infrastructure projects and the implementation of heavy oil and natural gas development programs, he added.

Mr. Rushaid told the news agency that his company's production capacity is still at about 3 MMbpd.

In February, a KOC executive said that the company has set aside KWD1 billion to implement projects in northern Kuwait until 2017.

KOC is mainly involved in the exploration, drilling and production of oil and gas within Kuwait, which is a member of the Organization of the Petroleum Exporting Countries.

Mr. Rushaid said in November that his country plans to invest about $56 billion in local oil and natural gas projects over the next five years. He also said that Kuwait intends to boost oil production to 3.65 MMbpd by 2020 from the current 3 MMbpd.

Dow Jones Newswires

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