Kuwait is planning to spend 13.3 billion Kuwaiti dinars ($44 billion) on oil production, exploration and other projects until 2025, a newspaper in the OPEC producer reported on Monday.

The investments are part of a 5-year plan approved in 2021 and envisages total spending of 20.2 billion dinars ($66.6 billion) and borrowing 6 billion dinars ($19.8 billion) by the Kuwait Petroleum Corporation (KPC), which manages the emirate’s hydrocarbon sector, the Arabic language daily Alanba said, citing official documents.

The spending plan takes into account “changes in the global oil and financial markets” the paper said, adding that capital spending accounts for nearly 65 percent of the total expenditure during the plan.

Borrowings include nearly 29 percent in bank loans and 21% from export credit agencies in addition to 50 percent through short, medium and long terms bonds, the report noted.

Kuwait, which controls the world’s 6th largest proven oil deposits, has been locked in a massive programme to expand its hydrocarbon sector.