Kuwait city: The major turnout for an annual oil and gas conference in Kuwait is a testament to the nation's transformation into a "trusted" international energy partner, His Highness the Prime Minister Sheikh Ahmad Al-Abdullah Al-Ahmad Al-Sabah said on Tuesday.
According to Kuwait News Agency, the Prime Minister highlighted the "economic shift" Kuwait has seen as part of its long-term development plan, "Kuwait Vision 2035." This strategy serves as a roadmap towards a more "diverse and sustainable" economy that focuses on the long-term value of the nation's natural resources.
The strategy will center around "flexibility and creativity," aiming to transform Kuwait into a global and competitive "energy hub." The Prime Minister cited the crude project "Shaheen," which is poised to be the "biggest foreign investment" in the history of the national oil industry, pending its completion in the coming months.
His Highness further invited international oil companies to assist in developing offshore oil and gas production, which will support the operations of Kuwait Oil Company. The fifth edition of the Kuwait Oil and Gas Show Conference (KOGS) is the biggest in the event's history, according to the chief executive of state-owned Kuwait Petroleum Corporation (KPC), Sheikh Nawaf Al-Sabah, who noted the impressive turnout for the talks.
KPC is advancing its strategy to increase refining capacity by 1.4 million barrels per day (bpd) domestically, with an additional 600,000 bpd abroad, the official stated at a press conference after the opening of KOGS.
He also mentioned that KPC plans to rely on the completion of key oil production projects to achieve this strategy, and will leverage international expertise to reach a crude output of "four million bpd by the year 2035."
In light of growing global energy demand, he emphasized that stability in global markets is necessary to ensure long-term supply. He predicted the "pivotal role" that oil will play by providing a quarter of global energy supply by 2050, given the expected shortcomings of other sources.