According to a recent media report, a senior official of the state-owned Kuwait Petroleum Corp (KPC) has confirmed that the company plans to increase oil production by 44% to almost 4mn barrels per day (bpd) in 2020.
The plan is in line with current attempts made by GCC nations to pump as much crude as possible and tender new E&P projects. In addition, KPC plans to ramp up local refining capacities.
According to OPEC data, Kuwait exports most of its oil: an average of 2mn bpd in 2015. This April, a quarter of this went to China, a 30% increase on the year.
Kuwait is also eyeing energy supply projects in South Korea. At home, KPC is preparing for its first offshore projects.
In April, when the news about the coming tenders for offshore projects came out, KPC’s chief executive officer Jamal Jaafar said he expected the oil market to return to normal in the second half of 2016.
