According to Ventures Onsite Report, Kuwait is planning to invest US$112 bn. in the next 5 years in the oil and gas sector to boost production according to Wafaa Yousuf Al Zaabi, Managing Director-Kuwait Petroleum Corporation who was speaking at Atlantic Council Global Energy Forum in Abu Dhabi on 12th January.
Kuwait is planning to increase production capacity of the oil sector from current levels of 3.2 mn. barrels per day to 4 mn. barrels per day by 2020.
In natural gas sector, the country will increase production from 200 mn. bcf (bn. cubic feet) per day to 500 mn. bcf per day by mid-2018, to 1 bn. bcf by 2020 and to 2.5 bn. bcf by 2040.
The announcement came in less than 2 months when Abu Dhabi National Oil Company (Adnoc) announced during late November 2017 that it will be investing US$108 bn. over the next 5 years in exploration, development and production of oil and gas and petrochemicals projects.
The strategy was approved by the Supreme Petroleum Council (SPC) headed by His Highness Shaikh Mohammad Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces. The petroleum council also approved Adnoc’s plans for the exploration, assessment and development of unconventional gas resources.
Top Oil & Gas Projects Announced in 4th Quarter 2017:
No. Project Name Country
1 Refinery in Ain Sokhna Egypt
2 Oil Storage at Sohar Port Oman
3 Oil and Gas Exploration off Lebanon’s Coast Lebanon
4 Expansion of Nitrogen Facilities in Ruwais UAE
5 Garraf Field Oil Gathering Facility – Phase 4 Iraq