Kuwait aims for investment reset
NOC reflates its spending and projects grind forward. But no-one should expect miracles
The Kuwaiti government has approved a sizeable hike in state-owned oil producer Kuwait Petroleum Corporation's (KPC’s) budget for the year from 1 April—reversing some of the swingeing capex cuts ordered 12 months previously—as this year’s oil price recovery and a gradual easing of Opec+ production shackles offer the prospect of alleviating the firm’s financial pressures. It remains too early to get overly excited. The coronavirus pandemic and associated oil price slump did not spark but merely exacerbated chronic problems afflicting Kuwait's oil and gas sector. Political obstruction in the Mid-East Gulf’s most obstreperous parliament and the eye-watering inefficiency of a labyrinthine bureau
Also in this section
24 April 2024
But even planned exploration activity is unlikely to reverse declining output from mature fields
23 April 2024
Cheaper Russian barrels and lower overall crude prices have helped cut key oil consumer’s import bills in election year
22 April 2024
Pursuing three different goals as part of the same package may mean achieving none of them
22 April 2024
Beijing’s renewed targeting of NOC management could threaten investment