Kuwait prepares to invite international oil companies to help it develop recently discovered offshore oil and gas fields, Kuwait’s Prime Minister, Sheikh Ahmad Abdullah Al-Ahmad Al-Sabah, said on Tuesday.
Kuwait Petroleum Corporation (KPC) will turn to foreign majors for collaboration and assistance for Kuwait Oil Company to develop the offshore fields, the official said at the Kuwait Oil and Gas Show, as carried by Reuters.
KPC is also in discussions with international ?financial institutions to create a lease and lease-back model of Kuwait’s domestic crude oil pipeline network, the Kuwaiti prime minister added.
Last week, reports suggested that Kuwait is preparing to move forward with a major midstream expansion as it opens a $7-billion pipeline project to foreign capital. The deal involving international partners is part of a broader effort by Kuwait to upgrade transport capacity linking upstream production to export and processing hubs, while easing the financial burden on the state.
Earlier this week, Kuwait’s Oil Minister Tariq Al-Roumi told Reuters that the Gulf producer expects tenders for the Durra oil and gas field project, in cooperation with Saudi Arabia, to be launched this year.
Kuwait Oil Company, the national oil firm of one of OPEC’s biggest Gulf producers, plans to invest as much as $3.9 billion (1.2 billion Kuwaiti dinars) in exploration drilling by 2030, Khaled Al-Mulla, Kuwait Oil Company’s Deputy CEO for Exploration and Drilling, told Reuters at the end of last year.
This is the biggest long-term budget for the Kuwaiti national oil company ever. With it, the firm plans to drill and maintain up to 6,193 wells by 2030.
Earlier in 2025, Kuwait said it plans to invest as much as $50 billion to raise its oil production capacity to nearly 4 million barrels per day over the next five years.
Oil production capacity in Kuwait last year hit a more than decade high of 3.2 million barrels per day (bpd), according to Oil Minister Al-Roumi.
By Tsvetana Paraskova for Oilprice.com
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