Kuwait keeps 2020 oil capacity aim despite problems

KUWAIT, Feb 4 (Reuters) – OPEC-member Kuwait is sticking to its 2020 oil output capacity target of 4 million barrels per day but faces challenges in finding contractors, technology and skilled labour, a state oil official said on Monday.

“We are very determined to (meet the target) and are working aggressively,” said Saad al-Shuwaib, chief executive of state-owned Kuwait Petroleum Corporation (KPC).


The country is spending $51 billion on its oil and gas sector from 2008-2012 to overhaul existing infrastructure and build new capacity. The world’s seventh-largest oil exporter’s output capacity stands at around 2.8 million bpd.

Kuwait, like other oil producers worldwide racing to bring new projects online, was facing challenges in finding contractors, skilled labour, buying technology and meeting environmental standards, Shuwaib said at a conference.

Reuters