Kuwait is opening up its oil fields to foreign investment and plans to lease its pipeline network.
Kuwait is opening up some oil fields to foreign investors and planning to lease part of its oil pipeline network. As a member of OPEC, this move is seen as an important step towards Kuwait's goal of becoming a key investment destination in the Middle East. Kuwait Petroleum Corporation is advancing a plan to invite international oil companies to assist its production sector, Kuwait Oil Company, in developing offshore oil fields. Prime Minister Ahmed Abdullah of Kuwait stated at a meeting in Kuwait that the cooperation may involve oil and gas reserves such as Jazah, Jlaiaa, and Nokhitha, and Kuwait hopes to increase production in these areas. Despite global oil companies doing business in Kuwait for many years, mainly through technical service contracts, Ahmed stated that the country will retain sovereignty over resources in oil fields open to foreign investment. Kuwait plans to increase its crude oil production capacity from the current approximately 3 million barrels per day to 4 million barrels per day by 2035.
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