Kuwait Opens Oil Fields and Pipelines to Foreign Investment to Increase Production Capacity
Kuwait is opening its oil fields and pipeline network to foreign investment to boost its oil production capacity from 3 million to 4 million barrels per day by 2035. Kuwait Petroleum Corp. is engaging with international oil companies for assistance, particularly in developing offshore fields, while retaining ownership of the resources. The country is also finalizing a significant lease and leaseback deal for its domestic crude pipeline network, marking a major foreign direct investment initiative.
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Kuwait is opening its oil fields and pipeline network to foreign investment as part of a strategy to increase oil production capacity to 4 million barrels per day by 2035, up from 3 million currently. Kuwait Petroleum Corp. is in discussions with international oil companies to assist its production arm, Kuwait Oil Co., particularly in developing offshore fields such as Jazah, Jlaiaa, and Nokhitha.
The Prime Minister stated that while international companies may invest, Kuwait will retain ownership of the resources. Additionally, Kuwait Petroleum is negotiating a lease and leaseback deal for its domestic crude pipeline network, expected to be finalized in the coming months, marking the largest foreign direct investment project to date. TotalEnergies expressed interest in oil and LNG projects in Kuwait.
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