(MENAFN) Kuwait Oil Company (KOC), which focuses on oil and gas exploration, unveiled plans to spend as much as USD40 billion over the next five years, Arabian Business reported.
Mazen Al-Sardi, deputy managing director for Technical Services at KOC, the upstream unit of Kuwait Petroleum Corporation (KPC) said the initiative is aimed to boost Kuwait's sustainable oil output capacity.
He told the MEED Kuwait Energy & Infrastructure 2013 conference that most of the investment involved projects in northern Kuwait.
The company will invite bids to three major gathering centres in northern Kuwait in the first quarter of 2013, he added.
From his side, KPC CEO Farouk Al-Zanki told the conference that Kuwait wants to add 1 million bpd to its existing oil output in 2020-30. Kuwait is currently producing about 3 million bpd.
Sami Al-Rushaid, head of KOC told Reuters that Kuwait is likely to maintain its oil output rate at around 3 million bpd over the next few months, driven by strong demand.