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 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 Oil & Gas Adnoc Drilling revenue surges with fleet expansion Adnoc Drilling, listed on the Abu Dhabi stock exchange, reported record revenue of $935 million for the second quarter of 2024. The 29 percent year-on-year increase was thanks to fleet expansion and oilfield services. Net profit for the quarter rose 29 percent annually to $295 million, while profit for the first half of the year […] August 5, 2024 Analysis Renewable Energy Kuwait playing catch-up with ambitious green energy plans Kuwait, Opec’s fifth-largest oil producer but long a laggard in the energy transition, is taking steps to catch up with its neighbouring Gulf states and ease reliance on falling oil revenues. State-owned Kuwait Oil Company last week mandated KBR, the US oilfield services company, to develop a master plan to produce 17 gigawatts (GW) of […] July 28, 2024 Oil & Gas ‘Huge’ oil discovery could change the game for Kuwait Kuwait has announced a significant discovery of light oil and associated natural gas in its offshore Al-Nokhatha field. The state-owned Kuwait Oil Company (KOC) – a subsidiary of Kuwait Petroleum Corporation (KPC) – reported on Sunday that the field, located east of the Kuwaiti island of Failaka, holds approximately 2.1 billion barrels of light oil […] July 15, 2024 Finance Kuwait’s Beyout targets $147m from IPO Kuwait’s Beyout Investment Group (BIG) has set the price of its initial public offering (IPO) between 480 and 500 fils per share. The company plans to raise up to KD45,000,000 ($147 million) by selling a 30 percent stake, or 90 million shares, on the local bourse, the first in nearly two years. The final offer […] May 20, 2024 Real Estate Kuwait’s Beyout Investment Group to list on local bourse Kuwait’s Beyout Investment Group (BIG) has announced plans to offer a 30 percent stake on the local bourse, the first in nearly two years. The final offering price will be determined through a bookbuilding process, which will be held from May 19 to 23, the company said in a statement. The shares are slated to […] May 15, 2024 Oil & Gas Kuwait’s Al Zour refinery increases capacity by 50% State-owned Kuwait Integrated Petroleum Industries Company (Kipic) said that the third and final unit at the Al Zour refinery is now operational. The plant is now fully operational and refining will reach full capacity of 615,000 barrels per day (bpd), up from 410,000 bpd, the oil company said in a statement. Kipic CEO Walid Al-Bader […] December 4, 2023 Posts navigation 1 2 Next
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
Oil & Gas Adnoc Drilling revenue surges with fleet expansion Adnoc Drilling, listed on the Abu Dhabi stock exchange, reported record revenue of $935 million for the second quarter of 2024. The 29 percent year-on-year increase was thanks to fleet expansion and oilfield services. Net profit for the quarter rose 29 percent annually to $295 million, while profit for the first half of the year […] August 5, 2024
Analysis Renewable Energy Kuwait playing catch-up with ambitious green energy plans Kuwait, Opec’s fifth-largest oil producer but long a laggard in the energy transition, is taking steps to catch up with its neighbouring Gulf states and ease reliance on falling oil revenues. State-owned Kuwait Oil Company last week mandated KBR, the US oilfield services company, to develop a master plan to produce 17 gigawatts (GW) of […] July 28, 2024
Oil & Gas ‘Huge’ oil discovery could change the game for Kuwait Kuwait has announced a significant discovery of light oil and associated natural gas in its offshore Al-Nokhatha field. The state-owned Kuwait Oil Company (KOC) – a subsidiary of Kuwait Petroleum Corporation (KPC) – reported on Sunday that the field, located east of the Kuwaiti island of Failaka, holds approximately 2.1 billion barrels of light oil […] July 15, 2024
Finance Kuwait’s Beyout targets $147m from IPO Kuwait’s Beyout Investment Group (BIG) has set the price of its initial public offering (IPO) between 480 and 500 fils per share. The company plans to raise up to KD45,000,000 ($147 million) by selling a 30 percent stake, or 90 million shares, on the local bourse, the first in nearly two years. The final offer […] May 20, 2024
Real Estate Kuwait’s Beyout Investment Group to list on local bourse Kuwait’s Beyout Investment Group (BIG) has announced plans to offer a 30 percent stake on the local bourse, the first in nearly two years. The final offering price will be determined through a bookbuilding process, which will be held from May 19 to 23, the company said in a statement. The shares are slated to […] May 15, 2024
Oil & Gas Kuwait’s Al Zour refinery increases capacity by 50% State-owned Kuwait Integrated Petroleum Industries Company (Kipic) said that the third and final unit at the Al Zour refinery is now operational. The plant is now fully operational and refining will reach full capacity of 615,000 barrels per day (bpd), up from 410,000 bpd, the oil company said in a statement. Kipic CEO Walid Al-Bader […] December 4, 2023
