Mubasher: Kuwait Petroleum Corporation (KPC) is planning to obtain KWD 16 billion in loans to finance its expansion programmes in the coming five years, informed sources said.
The state-run oil firm’s credit facilities are part of its strategy to raise Kuwait’s oil production to 4.75 million barrels per day (bpds) by 2040.
KPC also is looking to develop and explore more than 2,000 oil wells over the next period.
On a related note, Kuwait’s Oil Minister Bakheet Al Rashidi estimated the oil sector’s budget at $114 billion in the next five years and as much as $508 billion by 2040.
