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The move comes despite a prolonged slump in crude oil prices.
Kuwait Petroleum Corporation head of planning Wafa Al Zaabi was quoted by AFP as saying: "We have earmarked 34.5 billion dinars for spending on oil projects over the next five years.
"Over KWD 30bn ($100bn) will be spent on the local market and the rest abroad."
Zaabi said that two-thirds of the earmarked investment will allocated for exploration and production purposes.
Kuwait targets to increase its production capacity to 4 million bpd by 2020 from the current capacity of just over 3 million barrels per day. It plans sustain the increased capacity for a decade.
The important projects to be undertaken by the country include construction of four gathering centers, operating a key project to bolster heavy oil production and increasing the output of free natural gas to more than two billion cubic feet daily from 150 million cubic feet currently, Zaabi said.
Apart from the upstream projects, Kuwait is currently undertaking three downstream ventures with a cost of over $30bn.
The projects include a new 615,000-bpd refinery and a clean fuel project to upgrade two of the three existing refineries, and a platform for liquefied natural gas imports, the publication reported.
Kuwait has seen a sharp fall in oil revenues in the past 20 months similar to the trend witnessed in other Gulf oil-exporting nations.
However, the government in Kuwait has insisted that it would continue with investment plans. It earned reserves of about $600bn during the period 1998 to 2014, when oil prices were high.
Image: The headquarters of Kuwait Petroleum Corporation (KPC) in Gulf Street. Photo courtesy of radiant guy/Wikipedia.
