KUWAIT CITY: Kuwait Petroleum Corp. expects to spend more than $500 billion as it boosts its crude oil production capacity to 4.75 million barrels per day in 2040, the national oil firm said on Wednesday, outlining ambitious growth plans for the next two decades.
“KPC is expected to spend $114 billion in capex over the next five years and an additional $394 billion beyond that to 2040,” Chief Executive Nizar Al-Adsani told an oil industry conference.
Kuwait’s current oil production capacity is around 3.15 million bpd. It revealed the plan to lift capacity to 4.75 million bpd early last year.
The figure would exceed the current output of Iraq and Iran, OPEC’s second and third biggest oil nations, whose production was 4.4 million and 3.8 million bpd respectively in December.
Iraq and Iran plan to raise output steeply in the coming years to compete with OPEC leader Saudi Arabia, which produces around 10 million bpd and has capacity of more than 12 million bpd.
However, Iraq and Iraq are running far behind their targets to expand output because of infrastructure constraints, red tape and, in the case of Iran, the threat of Western sanctions.
The move by Kuwait to expand capacity signals a willingness among OPEC producers to fight for market share in the long term as global oil demand rises and as the organization faces competition from Russia and two fast-emerging oil superpowers, the US and Brazil.
Al-Adsani also told the conference that KPC intended to lift domestic oil refining capacity to
2 million bpd by 2035, while ensuring maximum offtake of domestic heavy oil production and taking into consideration the need to meet local energy demand.
KPC recently began a pre-feasibility study to lift refining capacity inside Kuwait by almost 300,000 bpd, Al-Adsani said without elaborating. Capacity was estimated at 936,000 bpd in 2015, according to the US Energy Information Administration.
The company intends to expand into downstream derivative and specialty petrochemical products at facilities inside and outside the country, Al-Adsani added.
Meanwhile, non-associated natural gas production in Kuwait is to increase to 2.5 billion cubic feet per day (cfd) in 2040, from 0.5 billion cfd expected in April 2018 and 1 billion cfd by 2023, Al-Adsani said.
As part of efforts to reduce emissions of harmful gases, KPC’s future power plants will be gas-fired, although it will use renewable energy when that makes commercial sense, he added.
Kuwait Petroleum to spend over $500bn by 2040
Kuwait Petroleum to spend over $500bn by 2040
Saudi Arabia’s NDF unveils strategic partners for MOMENTUM 2025 conference
RIYADH: Saudi Arabia’s National Development Fund has unveiled the lineup of strategic partners for the Development Finance Conference MOMENTUM 2025, as the Kingdom accelerates efforts to build a more integrated development-finance ecosystem.
The conference, scheduled for Dec. 9–11 at the King Abdulaziz International Conference Center in Riyadh, will bring together policymakers, lenders and global development institutions as the Kingdom seeks to expand financing channels for key sectors.
Saudi National Bank and Arab National Bank are named Main Partners, while Riyad Bank will serve as Banking Partner, NDF said in a press release.
Bank AlJazira and Saudi Awwal Bank join as Enabling Partners, and public-sector participants include Invest Saudi, the Made in Saudi Program, and the Saudi Conventions and Exhibitions General Authority.
Riyadh Municipality also joins the list as the host city partner, while Saudi Post is the logistics partner for the conference.
“Collectively, these partnerships advance the conference’s vision of fostering collaboration among public and private sectors, contributing to Saudi Vision 2030 objectives,” the release said.
Organized by NDF, this year’s conference is convened under the theme “Leading Development Transformation.”
MOMENTUM 2025 reflects the NDF’s central role as a principal enabler of development in the Kingdom and as a strategic driver of the national development finance system through its 12 affiliated development funds and banks.
“Through this conference, NDF aims to align efforts, amplify impact, enhance coordination and integration, and build meaningful partnerships with leaders across the public and private sectors. Together, these efforts are intended to ensure sustainable growth and empower strategic sectors to deliver on national and global development goals,” the release added.
The program will feature more than 100 speakers from over 120 local and international entities, further underscoring the conference’s role as a national forum supporting the leadership’s vision of building a dynamic financing ecosystem that empowers key sectors.
Several princes, ministers, senior officials, CEOs, global leaders, development experts, and economists are scheduled to attend the conference.
The event will spotlight the contribution of the private sector and small and medium-sized enterprises in elevating the Kingdom’s economic growth, generating jobs, and boosting competitiveness.
