Hydrocarbons wealth has been the central pillar of Kuwait’s economy for nearly a century, and the nation’s proven oil reserves of around 101bn barrels underwrite its future economic wellbeing. However, the supply of non-associated natural gas, which the country discovered in 2006, has fallen behind demand, as domestic electricity generation infrastructure struggles to keep pace. Still, Kuwait has...
Kuwait Energy
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Oil production retains its key role in the economy, however plans are under way to encourage diversification away from hydrocarbons towards an economy that is more knowledge based. The political climate has been characterised of late by a number of disputes, often resulting in either the resignation of the government or the dissolution of parliament, which has contributed to the slow progress of some projects.
With oil still very much the backbone of its economy, Kuwait is looking to expand production. State-owned Kuwait Petroleum Corporation (KPC) has approved $90bn worth of spending on the oil and gas industry up to 2015. Indeed, gas has sizeable potential, since Kuwait currently produces less than 1% of its proven reserves of natural gas. Increasing this amount will translate into both financial and...
Nestled between Iraq and Saudi Arabia in the northwest corner of the Gulf, Kuwait has been a leader of Arab democracy and one of the most liberal nations within the GCC since the country gained independence in 1961. Economically, the country also has a bright future, with strong public finances, a young and well-educated population and vast oil deposits.
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