Kuwait aims to increase its oil production to 4 million barrels per day (bpd) by 2035 from the current 3 million bpd, according to Nawaf S. Al-Sabah, Deputy Chairman and CEO of Kuwait Petroleum Corporation (KPC).

The production hike will be supported through several projects, including the Al-Saif project, which aims to use foreign companies to assist in developing offshore oilfields, he told CNBC Arabia.

“We have witnessed significant interest from international companies in entering Kuwait for offshore exploration,” he said.

Oil demand is projected to reach 100 million bpd by 2050, Al-Sabah stated, adding that the cost of producing a barrel of oil in Kuwait remains below $10.

(Writing by P Deol; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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