OPEC member Kuwait is planning to invest up to $50 billion in the next five years to expand its oil and gas output capacity, a senior oil executive has said.

The investments at an annual average of $9-10 billion will boost the Gulf country’s crude production from around 2.8 million barrels per day (bpd) to 3.2 million bpd, said Sheikh Nawaf Al-Sabah, CEO of the state-owned Kuwait Petroleum Corporation.

In the long term, Kuwait has plans to lift oil output to 4 million bpd by 2035 and gas production to 2 billion cubic feet per day in 2040, Sheikh Nawaf said at an oil seminar at Kuwait University on Tuesday.

“We have approved plans for capacity expansions in both oil and gas…we intend to spend $9-10 billion annually in the next five years to achieve that goal,” he said in his remarks published by Kuwait’s Alqabas newspaper on Thursday.
Source: Reuters (Writing by Nadim Kawach; Editing by Anoop Menon)