Khaberni - Kuwait plans to invest over "$20 billion" in exploration and production projects, in the largest investment offered by the Kuwait Petroleum Corporation in recent years.
Nawaf Al-Sabah, the CEO and Vice Chairman of Kuwait Petroleum Corporation, said on Tuesday that his country is investing more than $20 billion in exploration and production to increase the production capacity from 3 million barrels per day to 3.2 million barrels, and then to reach 4 million barrels.
Al-Sabah explained during his participation in the annual GPCA forum in Bahrain that the world is heading towards a significant increase in energy demand, which could reach 40% by 2050.
He pointed out that the International Energy Agency has become more realistic in its reading of oil demand, confirming that what has been issued by it recently reflects the real situation of the market.
He noted that the expansion of the use of artificial intelligence and the increase in energy consumption will lead to an additional increase in oil demand in the upcoming period.
He added that future demand for petrochemicals will remain linked to economic growth in China until 2030.
He mentioned that the predictions related to the energy sector are witnessing rapid changes that require precise monitoring by producing companies, confirming that global demand levels necessitate the continuation of expansion plans in production to ensure meeting market needs over the coming decades.
Kuwait has been working for years to increase its production capacity to 4 million barrels per day as part of the 2040 strategy, which includes expansion in the northern fields and the development of the Burgan field, along with increasing free gas production to reduce reliance on imports.
Economic reports indicate that global energy demand could increase by between 30% and 40% by 2050, driven by population growth, industrial consumption, and urban expansion in Asia and Africa.
