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Kuwait plans to invest over $300bn in the country’s energy sector by 2040, according to its oil minister, Saad al-Barrak.

The country is also aiming to increase its oil production capacity to 3.2 million barrels a day (b/d) by the end of 2024, Al-Barrak said in a report published by the UAE’s Emirates News Agency (Wam).

Last month, Kuwait unveiled its fifth cabinet in less than a year.

Kuwait has had three elections in three years, creating policy uncertainty that has significantly impacted businesses.

The country has seen a contraction in the value of its oil and gas projects market as the political deadlock has blocked approvals for major infrastructure projects in the sector.

Between the start of 2020 and the beginning of May this year, Kuwait’s total value of all active oil, gas and chemicals projects declined by 65 per cent from $67.1bn to just $23.5bn.

Many industry stakeholders say that breaking the political deadlock is essential for reversing the slowdown in activity in the country’s oil and gas sector.

With few major new contracts, some international contractors have reduced staff levels in Kuwait and many domestic businesses have started seeking business overseas in Saudi Arabia, Oman and Qatar.