According to a senior official from state-owned Kuwait Petroleum Corp, the company plans to ramp up its production by c.44% to 4bn barrels a day by 2020.
The company has also planned to tender certain new E&P projects in the Persian Gulf and ramp up local production capacities.
According to OPEC, Kuwait exported most of its oil: an average of 2m barrels per day in 2015. During April 2016, a quarter of its oil was exported to China. Further, Kuwait was keen on expanding its exports to South Korea as it sought contracts on the country’s energy projects.