Company Insights Kuwait Oil Company Oil & Gas Kuwait Oil Company Overview Kuwait Oil Company (KOC), is a government-owned subsidiary of Kuwait Petroleum Corporation. It plays a central role in Kuwait’s economy by producing around 1.7 million barrels of oil daily and contributing to nearly 90% of the national budget. Established in 1934 by Anglo-Persian Oil and American Gulf Oil, Kuwait Oil Company made its first oil discovery in 1938 at the Burgan field – still one of the world’s largest oil fields. Commercial oil exports began in 1946. Kuwait Oil Company later launched the Kuwait Environmental Remediation Program (KERP) to address environmental damage, expanding it in 2023 with $1.73 billion in contracts for soil restoration. The company produces three oil grades and, despite lower production forecasts owing to depletion at the Burgan field, plans to boost its oil production capability to 4 million barrels per day by 2035. In 2024 Kuwait Oil Company collaborated with the Ministry of Electricity and Water on a large-scale solar project that will generate 1 gigawatt of power, promoting renewable energy diversification. In recent years Kuwait Oil Company has implemented advanced technology to enhance efficiency and sustainability, including AI for operational improvement and bio-diesel trials to reduce emissions in line with Kuwait’s 2050 carbon neutrality goals. Kuwait Oil Company News Oil & Gas Kuwait starts merging state oil companies to cut costs Opec producer Kuwait has started to merge its state oil companies to reduce their number, improve efficiency and trim costs, according to the official news agency, Kuna. The Kuwait National Petroleum Company (KNPC), the Gulf emirate’s downstream investment arm, has started to take over the Kuwait Integrated Petroleum Industries Company (KIPIC), which manages the Al-Zour […] April 15, 2025 Oil & Gas Kuwait to reverse decline of world’s second largest oilfield Kuwait has launched a project to reverse a decline in production at its giant Burgan oilfield nearly 80 years after it was brought on stream, according to the local Alseyassah newspaper. Almost the same size as the island of Bahrain, the 780 square km Burgan contains around 70 billion barrels of extractable crude oil, equivalent […] April 8, 2025 Oil & Gas Kuwait successfully using drones to inspect oil facilities Kuwait’s first-time use of drones to inspect oil and gas facilities has reduced costs, improved operational efficiency and enhanced worker safety, a local newspaper has reported, without giving numbers. The drones are used to inspect oil and gas fields, petrochemical and refining facilities, and pipelines and export terminals across the country, the Arabic-language daily Alanba […] February 4, 2025 Construction Kuwait project awards reach highest level in seven years Project activity in Kuwait has soared, and the highest value since 2017 was awarded in 2024, National Bank of Kuwait (NBK) said in its quarterly report. The bank said KD2.7 billion ($8.7 billion) worth of projects were awarded in Kuwait last year, an increase of 44 percent on the previous year. The figures were supported […] February 3, 2025 Oil & Gas Kuwait ‘ready to go ahead with merger of state oil companies’ Kuwait’s plan to merge some of its eight state-owned oil companies is ready to go ahead, according to reports in the country. Kuwait Petroleum Corporation (KPC), which manages the country’s hydrocarbon industry, is set to oversee the mergers. The plan was approved by the cabinet two years ago as part of a strategy to cut […] January 28, 2025 Energy Kuwait discovers new oil and gas reserves State-run Kuwait Oil Company (KOC) has discovered large commercial volumes of hydrocarbons at the Al-Jlaiaa offshore field, and expects more discoveries in the area. The estimated reserves within the 74 sq km area include 800 million medium-density barrels of oil and 600 billion standard cubic feet of associated gas, the state-owned Kuwait News Agency reported. […] January 21, 2025 Oil & Gas Kuwait to spend $30bn to increase oil output by 40% Kuwait is planning to expand its oil production capacity by up to 40 percent, despite a bearish outlook for global demand and years of stagnant growth. Khaled Al Sabah, managing director at the Kuwait Petroleum Corporation (KPC) and CEO of Kuwait Oil Tanker Company, told an energy conference last week that the Gulf state plans […] January 16, 2025 Oil & Gas New oil minister in Kuwait after reshuffle A new oil minister, Tarek Suleiman Ahmed Al-Roumi, has been appointed in Kuwait as part of a broader cabinet reshuffle. Al-Roumi will replace Nora Suleiman Al-Fassam, who is Kuwait’s finance minister and was overseeing the oil ministry temporarily, the state news agency, Kuna, reported. Al-Fassam stepped in after the resignation in September of the deputy […] October 30, 2024 Oil & Gas Kuwait’s oil minister resigns amid energy challenges Kuwait’s finance minister, Nora Suleiman Al-Fassam, has been appointed acting oil minister, after the resignation on Sunday of the deputy prime minister and minister of oil, Imad Al-Ateeqi, amid ongoing political instability in the country. Al-Fassam is also minister of state for economic and investment affairs, having been appointed just last month. She came from […] September 9, 2024 Energy Heat blackouts blamed on Kuwait’s fuel supply issues Rolling power cuts that have beset oil-rich Kuwait over the last two days have been blamed on technical issues experienced in fuel supplies. Several residential neighbourhoods experienced rolling blackouts over the weekend due to “a fuel supply disruption”, according to a statement from state-run Kuna news agency. The cuts also closed down desalination plants and […] August 19, 2024 Posts navigation 1 2 3 Next
Oil & Gas Kuwait starts merging state oil companies to cut costs Opec producer Kuwait has started to merge its state oil companies to reduce their number, improve efficiency and trim costs, according to the official news agency, Kuna. The Kuwait National Petroleum Company (KNPC), the Gulf emirate’s downstream investment arm, has started to take over the Kuwait Integrated Petroleum Industries Company (KIPIC), which manages the Al-Zour […] April 15, 2025
Oil & Gas Kuwait to reverse decline of world’s second largest oilfield Kuwait has launched a project to reverse a decline in production at its giant Burgan oilfield nearly 80 years after it was brought on stream, according to the local Alseyassah newspaper. Almost the same size as the island of Bahrain, the 780 square km Burgan contains around 70 billion barrels of extractable crude oil, equivalent […] April 8, 2025
Oil & Gas Kuwait successfully using drones to inspect oil facilities Kuwait’s first-time use of drones to inspect oil and gas facilities has reduced costs, improved operational efficiency and enhanced worker safety, a local newspaper has reported, without giving numbers. The drones are used to inspect oil and gas fields, petrochemical and refining facilities, and pipelines and export terminals across the country, the Arabic-language daily Alanba […] February 4, 2025
Construction Kuwait project awards reach highest level in seven years Project activity in Kuwait has soared, and the highest value since 2017 was awarded in 2024, National Bank of Kuwait (NBK) said in its quarterly report. The bank said KD2.7 billion ($8.7 billion) worth of projects were awarded in Kuwait last year, an increase of 44 percent on the previous year. The figures were supported […] February 3, 2025
Oil & Gas Kuwait ‘ready to go ahead with merger of state oil companies’ Kuwait’s plan to merge some of its eight state-owned oil companies is ready to go ahead, according to reports in the country. Kuwait Petroleum Corporation (KPC), which manages the country’s hydrocarbon industry, is set to oversee the mergers. The plan was approved by the cabinet two years ago as part of a strategy to cut […] January 28, 2025
Energy Kuwait discovers new oil and gas reserves State-run Kuwait Oil Company (KOC) has discovered large commercial volumes of hydrocarbons at the Al-Jlaiaa offshore field, and expects more discoveries in the area. The estimated reserves within the 74 sq km area include 800 million medium-density barrels of oil and 600 billion standard cubic feet of associated gas, the state-owned Kuwait News Agency reported. […] January 21, 2025
Oil & Gas Kuwait to spend $30bn to increase oil output by 40% Kuwait is planning to expand its oil production capacity by up to 40 percent, despite a bearish outlook for global demand and years of stagnant growth. Khaled Al Sabah, managing director at the Kuwait Petroleum Corporation (KPC) and CEO of Kuwait Oil Tanker Company, told an energy conference last week that the Gulf state plans […] January 16, 2025
Oil & Gas New oil minister in Kuwait after reshuffle A new oil minister, Tarek Suleiman Ahmed Al-Roumi, has been appointed in Kuwait as part of a broader cabinet reshuffle. Al-Roumi will replace Nora Suleiman Al-Fassam, who is Kuwait’s finance minister and was overseeing the oil ministry temporarily, the state news agency, Kuna, reported. Al-Fassam stepped in after the resignation in September of the deputy […] October 30, 2024
Oil & Gas Kuwait’s oil minister resigns amid energy challenges Kuwait’s finance minister, Nora Suleiman Al-Fassam, has been appointed acting oil minister, after the resignation on Sunday of the deputy prime minister and minister of oil, Imad Al-Ateeqi, amid ongoing political instability in the country. Al-Fassam is also minister of state for economic and investment affairs, having been appointed just last month. She came from […] September 9, 2024
Energy Heat blackouts blamed on Kuwait’s fuel supply issues Rolling power cuts that have beset oil-rich Kuwait over the last two days have been blamed on technical issues experienced in fuel supplies. Several residential neighbourhoods experienced rolling blackouts over the weekend due to “a fuel supply disruption”, according to a statement from state-run Kuna news agency. The cuts also closed down desalination plants and […] August 19, 2024
