State-owned Kuwait Oil Company (KOC) is planning to pump nearly 13 billion Iraqi dinars ($43 billion) into new oil projects in the next five years to expand production by nearly 200,000 barrels per day, its CEO was quoted on Monday as saying.

Ahmed Al-Aidan said the crude oil production capacity of the OPEC member currently stands at around 2.8 million bpd and is expected to reach three 3 bpd after 2025.

He told a local seminar that capacity could rise to about 4 million bpd by 2035 and that KOC intends to maintain that level until 2040.

“KOC’s strategy during the next five years until 2028 includes several projects covering drilling of new wells, increasing their output and developing other facilities,” he said in comments published by Alanba and other Kuwaiti newspapers.

“This strategy involves spending nearly KWD13 billion on projects and oilfield development besides the construction of new oil facilities.”

(Writing by Nadim Kawach; Editing by Anoop Menon)