Kuwait Oil Corporation has drafted its 2016-2017 budget (operational and capital) at an average price of $47 a barrel with net profits estimated at KWD535 million.
According to the budget, production is projected at 2.7 million barrels a day while the output of local refineries is estimated at 890,000 barrels a day.
Informed sources told Al-Rai that the budget was devised on the assumption that production from Saudi-Kuwait joint Wafra and Khafji oilfields remains on hold.
The budget puts spending on capital projects at KWD4 billion, according to the report which also indicates that the overall value of the corporation’s capital investments at KWD28 billion.
Earlier, Kuwait Oil Company (KOC), a subsidiary of the Kuwait Oil Corporation, has assured that it’s pushing ahead with plans to increase oil output capacity despite the sharp drop in crude oil prices.
Kuwait, a member of the Organisation of the Petroleum Exporting Countries (OPEC), plans to increase production apacity to 4 million barrels per day (bpd) by 2020 from around 3 million bpd now.
KWD1= AED12.12, at the time of publishing