Kuwait Oil Company

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Kuwait oil company
Company typeSubsidiary
IndustryOil and gas industry
FoundedDecember 23, 1934; 91 years ago (1934-12-23)
FounderAnglo-Persian Oil Company
Gulf Oil
Headquarters
Ahmadi
,
Kuwait
Area served
Global
Key people
Ahmad Jaber Al-Eidan (CEO)
ProductsPetroleum
Natural gas
OwnerGovernment of Kuwait
ParentKuwait Petroleum Corporation
Websitewww.kockw.com

Kuwait Oil Company (KOC) is an oil company headquartered in Al Ahmadi, Kuwait. It is a subsidiary of the Kuwait Petroleum Corporation (KPC), a government-owned holding company.

As of 2024, Kuwait's oil production is approximately 2.4 million barrels per day (bpd), largely in line with its OPEC+ quota, while its sustainable production capacity is estimated at 2.9 million bpd.[1][2] The country has a long-term strategic goal to increase its production capacity to 4 million bpd by 2040.[3]

Kuwait nationalized its oil industry in 1975.[4] KOC holds the sole rights to explore, produce, and develop oil and gas resources within the state of Kuwait.[5] Kuwait's oil reserves are estimated to be around 101.5 billion barrels.[6]

History

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The Kuwait Oil Company Limited was established on 23 December 1934 as a joint venture between the Anglo-Persian Oil Company (now BP) and the American Gulf Oil Company (now Chevron).[7][8] The company began drilling operations in 1936.[9]

Oil was first discovered in 1938 at the Burgan field,[a][12] which remains one of the largest oil fields in the world. Subsequent discoveries were made in Magwa (1951), Ahmadi (1952), Raudhatain (1955), Sabriya (1957), and Minagish (1959). The first commercial export of crude oil commenced in 1946.[13]

During the Gulf War, as Iraqi forces withdrew from Kuwait in 1991, they set fire to over 700 Kuwaiti oil wells in an act of environmental sabotage. The fires burned for months, causing catastrophic environmental damage, until the last well was capped on 6 November 1991.[14] To address the long-term consequences, KOC and the Kuwaiti government established the Kuwait Environmental Remediation Program (KERP) in 2013. In 2023, KOC signed contracts worth $1.73 billion to expand KERP's soil remediation efforts.[15]

Wells completed[b]
Year Oil Gas Dry Feet
[c]1937 0 0 1
1947 5 0 0 23,818
1948 24 0 0 116,112
1949 49 0 0 246,773
1950 13 0 0 61,188
[d]1951 20 0 1 89,985
1952 21 0 2 [e]98,555
1953 17 0 0 [e]73,100
[f]1954 12 0 1 56,638
Production by year, by field (x 1,000 barrels)[25]
Year Burgan
Magwa
Ahmadi		 Raudhatain Sabriyah Gudair Minagish Bahrah
1946 5,931
1947 16,225
1948 46,547
1949 89,930
1950 125,722
1951 204,910
1952 273,433
1953 314,592
1954 347,319
1955 398,494
1956 399,871
1957 416,045
1958 509,720
1959 504,855
1960 559,100 35,200
1961 553,926 41,900 1,400
1962 620,000 47,200 2,100
1963 647,700 48,700 3,500 5,600
1964 682,200 53,700 14,100 4,200 20,600
1965 693,200 56,900 17,000 4,900 19,900
1966 716,800 61,400 22,600 4,900 24,800
1967 723,800 59,900 22,600 4,900 25,500
1968 759,700 71,200 26,900 4,900 23,400
1969 777,600 77,200 29,700 33,500 20,600 1,400
1970 806,500 77,900 60,200 32,800 19,300 1,400
1971 858,700 81,600 71,200 34,200 20,700 1,400
1972 882,000 83,900 74,300 34,900 21,300 1,400
1973 809,200 76,400 67,900 32,800 19,300 1,400
1974 665,100 77,000 45,000 25,000 18,500 0
1975 530,400 78,500 25,000 19,000 18,000
1976 574,100 80,453 14,689 13,024 17,715
1977 533,860 70,644 14,825 12,637 18,028
1978 552,700 90,200 32,300 8,300 9,600
1979 618,130 128,369 40,918 14,357 7,419
1980 398,000 70,000 25,300 7,000 6,000

Operations

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KOC's operations are focused on the exploration, drilling, and production of oil and gas within Kuwait. The company manages the nation's key oilfields, including the supergiant Burgan field. KOC produces several grades of crude oil, including Kuwait Export Crude (KEC), Kuwait Super Light Crude (KSLC), and developing its heavy crude oil from the Lower Fars field.[26]

Strategic Goals and Recent Projects

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KOC is implementing a long-term strategy to significantly boost its production capacity and diversify its energy sources.

  • Production Growth: The central goal is to raise oil production capacity to 4 million bpd by 2040. This involves enhancing oil recovery from mature fields and developing new reservoirs, including heavy oil and offshore resources.[3]
  • Offshore Exploration: In late 2023, KOC launched its first offshore drilling campaign in decades, deploying rigs in the Persian Gulf to explore for oil and gas reserves. This marks a strategic pivot to unlock new sources of production.[27]
  • Durra Gas Field: KOC is proceeding with plans to develop the Durra gas field, located in the neutral zone shared with Saudi Arabia. This project is critical for meeting Kuwait's growing domestic gas demand but is subject to regional geopolitical disputes.[6]
  • Renewable Energy: To diversify its energy mix, KOC is collaborating with the Ministry of Electricity and Water on large-scale renewable energy projects. In May 2024, they announced a plan for a 1-gigawatt solar energy project, seeking a global operator to build and manage the facility under a long-term power purchase agreement.[28]

See also

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Notes

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  1. ^ Burgan discovery well was drilled with a rotary rig and spudded in October 1937. Struck oil at a depth of 3,670ft[10] in early March 1938.[11]
  2. ^
  3. ^ First well in Kuwait drilled at Bahrah and abandoned at 7,950ft[24][10]
  4. ^ 2 wildcats (10,395ft): the Magwa discovery well and one dry hole
  5. ^ a b Footage estimated
  6. ^ 1 dry wildcat at Umm Gudair (20 miles west of Burgan) abandoned at 8,071ft. Same rig was moved 99 miles in 40 hours and started drilling wildcat Raudhatain No. 1 (57 miles NNW of Ahmadi) which was still drilling at depth of 7,363ft at year's end

References

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