Kuwait is largely reliant on oil for exports, government revenue and GDP contribution. The country is therefore particularly sensitive to fluctuating global hydrocarbons prices and the long-term financial risks associated with the global shift towards lower-carbon sources of energy. Transitioning towards a more diversified and sustainable energy mix is an ongoing challenge for the country, as for much of the region, in light of the industry’s long-standing history and key contributions to the economy.
A raft of ongoing energy projects seek to promote progress towards Kuwait’s goal of enhanced in-country value addition, as well as economic diversification and resilience to turbulent hydrocarbons prices, while also aligning the country with the international sustainability agenda. Increasing non-associated gas production, heavy oil production and crude oil processing are particularly compelling opportunities to meet Kuwait’s energy needs and align the country’s development with long-term goals.
This chapter contains an interview with Sheikh Nawaf Al Sabah, CEO, Kuwait Petroleum Corporation.
