Kuwait, one of the largest oil producers in the Middle East, plans to invest up to $50 billion over the next five years to increase its oil production capacity to over 3 million barrels per day (bpd).
The announcement came from Shaikh Nawaf Al-Sabah, Deputy Chairman and CEO of Kuwait Petroleum Corporation (KPC), during an interview with Arabian Gulf Business Insight (AGBI). He said the country will invest around $9 to $10 billion each year to meet this goal.
In April 2025, Kuwait’s oil production averaged 2.415 million bpd, according to OPEC’s Monthly Oil Market Report. Kuwait is the fifth-largest producer in OPEC, following Saudi Arabia, Iraq, Iran, and the UAE.
The new investment is part of Kuwait’s 2040 energy strategy, which aims to boost production capacity to nearly 4 million bpd by that year. This includes output from the Partitioned Neutral Zone (PNZ), a shared area with Saudi Arabia established in 1922.
In addition to oil, Kuwait plans to increase its non-associated gas production to 2 billion standard cubic feet per day (BSCFD) by 2040, including gas from the Neutral Zone.
Last year, Kuwait made a major discovery in the Al-Noukhitha offshore field, estimating reserves at 3.2 billion barrels of oil equivalent. The find includes 2.1 billion barrels of light oil and 5.1 trillion standard cubic feet of natural gas.
To support these ambitions, Kuwait has passed a financing and liquidity law that will allow the country to return to international debt markets after an eight-year absence. This move aims to help fund development projects and reduce reliance on oil revenues.
While neighbors like Saudi Arabia and the UAE have used borrowing to invest heavily in infrastructure and advanced technology, Kuwait has lagged behind, largely due to its limited access to financing since 2017. The new law is expected to give Kuwait more financial flexibility to pursue its long-term energy goals.
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