KUWAIT CITY: OPEC member Kuwait has earmarked 34.5 billion dinars ($115 billion) to spend on oil projects over the next five years, despite the slump in oil prices, a senior executive said Sunday.
“We have earmarked 34.5 billion dinars for spending on oil projects over the next five years,” Wafa al-Zaabi, head of planning at Kuwait Petroleum Corp, told an oil conference.
“Over 30 billion dinars ($100 billion) will be spent on the local market and the rest abroad,” she said. Over two-thirds of the spending, or 23 billion dinars, has been allocated for exploration and production, Zaabi said. Kuwait aims to raise its production capacity, currently just over 3.0 million barrels per day, to 4.0 million bpd by 2020 and maintain it for another decade.
