$56b oil spend eyed

ABU DHABI, Nov 13, (KUNA): Kuwait is planning to infuse up to $56 billion in massive projects aimed at increasing oil and gas production over the next five years, said KOC chairman and managing director Sami al-Rushaid on Tuesday. On a paper he presented in Abu Dhabi on the sidelines of the ADIPEC -2012 expo, he noted that Kuwait was well on its way to increase its oil production from 3.65 million barrels a day to four million by 2030.

And to multiply gas production by tenfold to reach 1.5 billion cubic feet by the year 2030, to be achieved through tapping current reserves that top 35 trillion cubic feet, he said. To achieve all these increases, he added, it would be necessary to grow oil and gas reserves and seek out new discoveries especially in coastal areas.



  



 

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