Opec: Kuwait has spent $39bn on oil and gas projects in 10 years
Construction investment reportedly follows Kuwait Oil Co's target to raise production to 3.1 million barrels per day
Organization of the Petroleum Exporting Countries (Opec) has reportedly revealed that Kuwait has spent $39bn on oil and gas construction projects over the past 10 years.
A Thomson Reuters report citing local daily Alanba stated that Kuwait's investments covered several hydrocarbon developments, aimed at increasing its oil production capacity by 24%.
The government document reportedly added: “A capacity of 3.1 million bpd is being targeted in the 2019-2020 budget of the state-owned Kuwait Oil Company.”
According to Opec’s website, Kuwait’s oil and gas sector accounts for about 40% of its gross domestic product and 92% of its export revenues.
Opec was founded in Baghdad, Iraq, with the signing of an agreement in September 1960 by Middle Eastern countries such as Iraq, Kuwait, and Saudi Arabia.