Kuwait Gulf Oil Co (KGOC) plans to spend about 328 million dinars ($1.14 billion) on oil and gas projects in 2010, its managing director said.

“The budget allocated for capitalism and operational projects is about
1.21 billion dinars, to be spent over the span of the five-year plan
2009-2013,” Bader al-Khashti told daily al-Rai in an interview.

“The amount of the firm’s investments on oil and gas projects during 2010 only is about 328 million dinars,” he said.

In May, Khashti told Reuters that the firm plans to invest around $11
billion in the next 20 years to boost oil output capacity to 900,000
barrels per day from a divided zone that Kuwait shares with Saudi
Arabia.

KGOC along with Kuwait Oil Co (KOC), Kuwait Foreign Petroleum
Exploration Co and Oil Development Co will be merged into the “upstream
sector” as part of the 2020 strategy, Khashti was quoted as saying. He
did not elaborate.

The OPEC member aims to reach an oil production capacity of 4 million
barrels per day (bpd) in 2020 and sustain it until 2030, Kuwaiti oil
minister told Reuters in October.

Kuwait is the world’s fourth-largest oil exporter.

Source: Reuters

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