1 September 2004
Kuwait
THE NORTHERN Gulf state is looking to spend big to expand oil production capacity in the next 20 years—the government is talking of figures of more than $40bn. With oil prices so high, there is no reason to believe it does not have the cash to realise these plans. The main target is to reach output capacity of 4m b/d by 2020—up from 2.4m b/d—with a subsequent increase to 5m b/d if a detailed study reveals that this aim is achievable and sustainable. Big-name investment The centrepiece of this strategy is Project Kuwait, which involves investment of $7bn in five northern oilfields by consortiums of IOCs to double capacity to 0.9m b/d, within about five years. With big name oil majors on board
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