UAE and Kuwait announces Oil & Gas investments worth US$220Bn for the next 5 years
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.
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