Kuwait Petroleum Corporation (KPC) has unveiled a new strategy to increase fossil fuel production, aiming to boost its oil production capacity to 4 mb/d (bpd) by 2035. Currently, production stands at 2.9 mb/d, with a target of 3.2 mb/d by 2025 or 2026. KPC also plans to raise the oil production capacity of its subsidiary Kuwait Oil Company's (KOC) to 3.65 mb/d by 2035.
To implement this strategy, KPC will invest US$410bn through 2040, funded by KPC's cash flow, debt, and partnerships with other companies. The strategy also includes a commitment to achieving net-zero carbon emissions by 2050. Of the US$410bn investment, US$110bn is dedicated to achieving energy transition goals. KPC, along with Kuwait National Petroleum Company (KNPC) and Kuwait Integrated Petroleum Industries Company (KIPIC), is taking part to a CCUS project to capture over 100 MtCO2 over 25 years.