The Kuwaiti government has announced a plan to strengthen the comprehensive infrastructure of the offshore Durra oil and gas field.
Not only that, the government will also look to elevate the production of unrestricted gas (excluding the Divided Zone) from 521 million cubic feet per day to a staggering 930 million cubic feet per day.
The recently unveiled four-year government action plan, spanning from 2023 to 2027, has been submitted to the National Assembly, outlining the meticulous preparations for the infrastructure development of the Durra field.
According to the plan, the infrastructure provisioning for the field is slated to take place in the fourth year of the program.
Parliament Speaker Ahmed Al-Sadoun has extended an invitation to convene a special session next Tuesday to discuss the government’s action plan.
The government has revealed its intention to study the establishment of a sovereign investment fund to drive development and enhance local economic activity.
Additionally, it includes a strategy to elevate the classification of Kuwait’s financial markets from emerging markets to advanced emerging markets by the FTSE Russell Index.
Moreover, another plan aims to gradually digitize 90% of government services over the next four years.
The government plan aims to empower the private sector to fulfill its role “under effective state oversight” while ensuring that the state establishes an atmosphere of trust to encourage local investment and attract foreign capital.
The government’s action program also includes the development of a comprehensive framework for reviewing salaries in the public sector through updating the strategic alternative study.
This is intended to align compensation with merit and productivity, while encouraging a shift towards private sector employment to streamline costs on the state’s finances.
Prime Minister Sheikh Ahmed Nawaf Al-Ahmad Al-Jaber Al-Sabah emphasized that the government’s action program aims to solidify reforms, address challenges, and boost development for the progress of the country.