Kuwait aims to raise its production capacity to 4.75 million barrels a day (b/d) by 2040, according to the managing director of international marketing at state-owned Kuwait Petroleum Corporation (KPC).

The expansion is part of the country’s downstream investment strategy and includes additional refining and petrochemicals production in Kuwait and abroad, said Nabil Bouresli in comments reported by Kuwait News Agency.

Kuwait has set a production target of 4 million b/d by 2020, which it hopes to maintain to 2030.

Its production for January was about 2.7 million b/d, according to Opec’s secondary sources data. The Opec producer cut 146,000 b/d as part of the production cut agreement with Opec, added Bouresli.

Kuwait heads the Opec monitoring committee to supervise production cuts agreed between Opec and non-Opec producers.

Earlier this month, KPC subsidiary Kuwait Foreign Petroleum Exploration Company (Kufpec) announced upstream asset acquisitions worth a total of $1.2bn in Thailand and Norway.

The acquisitions will add up to 100,000 barrels of oil equivalent to Kuwait’s overall reserves.