Company Insights Kuwait Petroleum Corporation Oil & Gas Kuwait Petroleum Corporation Overview Kuwait Petroleum Corporation (KPC), Kuwait’s national oil company, manages a range of activities, including petroleum exploration, production, refining, marketing, petrochemicals and transportation. Responsible for around 7 percent of the world’s crude oil, KPC plays a key role in global energy markets. KPC was established in 1980 as an umbrella company, consolidating KOC (Kuwait Oil Company), KNPC (Kuwait National Petroleum Company), KOTC (Kuwait Oil Tanker) and PIC (Petrochemicals Industries Company) under government control. It expanded internationally with acquisitions including Gulf Oil’s Western Europe operations in 1983 and BP’s Luxembourg assets in 1994. Recent developments include a 15-year LNG supply agreement with QatarEnergy and strategies to address the economic impacts of Covid-19, such as budget cuts and deferred projects like the Al-Dabdaba solar plant. New oil deposits in KPC’s Al-Nokhatha field add 3.2 billion barrels per day to KPC’s output, while its Al-Zour refinery, which was opened in 2024, increases production by 615,000 barrels per day. KPC supports extensive international operations under its “Q8” brand in Europe and partnerships for oil storage in Japan and South Korea. Long-term supply contracts are secured under a 2024 agreement with China’s Unipec. KPC says it prioritises environmental sustainability by integrating renewable energy projects. Sustainability initiatives include mangrove planting under its 2050 energy transformation strategy. Kuwait Petroleum Corporation News Oil & Gas Kuwaiti oil company borrows $1bn to fund new projects Kuwait’s Independent Petroleum Group (IPG), which is listed on the local bourse, is borrowing nearly KD326.6 million ($1 billion) to fund new projects. “IPG has finalised agreements with four conventional and Islamic banks in Kuwait for the renewal of credit facilities worth KD326.6 million,” the company said in a statement to the Kuwait exchange. The […] June 11, 2025 Oil & Gas Oil price drop fails to dent Gulf and Western capex Gulf national energy companies and their Western rivals are likely to maintain their capital expenditure guidance for the year but independent US producers may cut spending as oil prices decline, analysts have said. For now, Gulf oil and gas companies are sticking to their investment plans despite a drop of almost 15 percent in the […] May 19, 2025 Oil & Gas Kuwait to invest up to $50bn in five-year oil expansion plan Kuwait plans to pump as much as $50 billion into projects to expand its oil production capacity to more than 3 million barrels per day (bpd) over the next five years, a senior Kuwaiti oil official said. The investments are part of an even longer term plan to lift the Gulf emirate’s crude output capacity […] May 16, 2025 Oil & Gas Kuwait in talks to buy stake in Woodside’s Louisiana LNG Australian petroleum company Woodside Energy Group is in negotiations with Kuwait Foreign Petroleum Exploration (Kufpec) to sell a stake in its Louisiana liquefied natural gas (LNG) project. Kufpec, state-owned Kuwait Petroleum’s overseas unit, is considering both acquiring equity and securing LNG supply from the US facility, Bloomberg reported, citing people familiar with the matter. The […] April 30, 2025 Energy Duqm refinery fuels $6.5bn growth in Oman’s oil exports Oman’s hydrocarbon exports swelled by nearly $6.5 billion last year due to a surge in sales of refined products following the commissioning of the sultanate’s largest oil refinery. The Gulf country’s hydrocarbon exports surged from OR13.8 billion ($35.8 billion) in 2023 by nearly 18 percent to OR16.3 billion ($42.4 billion) in 2024. Crude exports edged […] April 23, 2025 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 Energy Kuwait enforces power cuts as demand outstrips capacity Kuwait temporarily cut electricity in some industrial and agricultural areas on Wednesday as demand for power surged due to hot weather, outstripping generating capacity that had been restricted by maintenance at power plants. Kuwait, a member of the Organization of the Petroleum Exporting Countries (Opec), last summer resorted to programmed load-shedding for the first time […] April 3, 2025 Trade Oman’s exports rise after Duqm refinery comes online Oman’s exports grew last year as a result of a sharp increase in oil refining production after the Duqm Refinery became operational, official figures show. Export of refined products almost trebled last year after the start-up of the $9 billion Duqm Refinery, a joint venture between the Omani government-owned OQ and Kuwait Petroleum International, a […] March 26, 2025 Economy Kuwait endorses 2025-26 budget with bigger deficit Kuwait has endorsed its budget for the next fiscal year 2025-26 with a higher deficit because of lower expected oil income. An emiri decree published in the official gazette set allocations for ministries and other government offices for the budget which starts on April 1. Spending was put at KD24.5 billion ($80.8 billion) and the […] March 25, 2025 Posts navigation 1 2 … 4 Next
Oil & Gas Kuwaiti oil company borrows $1bn to fund new projects Kuwait’s Independent Petroleum Group (IPG), which is listed on the local bourse, is borrowing nearly KD326.6 million ($1 billion) to fund new projects. “IPG has finalised agreements with four conventional and Islamic banks in Kuwait for the renewal of credit facilities worth KD326.6 million,” the company said in a statement to the Kuwait exchange. The […] June 11, 2025
Oil & Gas Oil price drop fails to dent Gulf and Western capex Gulf national energy companies and their Western rivals are likely to maintain their capital expenditure guidance for the year but independent US producers may cut spending as oil prices decline, analysts have said. For now, Gulf oil and gas companies are sticking to their investment plans despite a drop of almost 15 percent in the […] May 19, 2025
Oil & Gas Kuwait to invest up to $50bn in five-year oil expansion plan Kuwait plans to pump as much as $50 billion into projects to expand its oil production capacity to more than 3 million barrels per day (bpd) over the next five years, a senior Kuwaiti oil official said. The investments are part of an even longer term plan to lift the Gulf emirate’s crude output capacity […] May 16, 2025
Oil & Gas Kuwait in talks to buy stake in Woodside’s Louisiana LNG Australian petroleum company Woodside Energy Group is in negotiations with Kuwait Foreign Petroleum Exploration (Kufpec) to sell a stake in its Louisiana liquefied natural gas (LNG) project. Kufpec, state-owned Kuwait Petroleum’s overseas unit, is considering both acquiring equity and securing LNG supply from the US facility, Bloomberg reported, citing people familiar with the matter. The […] April 30, 2025
Energy Duqm refinery fuels $6.5bn growth in Oman’s oil exports Oman’s hydrocarbon exports swelled by nearly $6.5 billion last year due to a surge in sales of refined products following the commissioning of the sultanate’s largest oil refinery. The Gulf country’s hydrocarbon exports surged from OR13.8 billion ($35.8 billion) in 2023 by nearly 18 percent to OR16.3 billion ($42.4 billion) in 2024. Crude exports edged […] April 23, 2025
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
Energy Kuwait enforces power cuts as demand outstrips capacity Kuwait temporarily cut electricity in some industrial and agricultural areas on Wednesday as demand for power surged due to hot weather, outstripping generating capacity that had been restricted by maintenance at power plants. Kuwait, a member of the Organization of the Petroleum Exporting Countries (Opec), last summer resorted to programmed load-shedding for the first time […] April 3, 2025
Trade Oman’s exports rise after Duqm refinery comes online Oman’s exports grew last year as a result of a sharp increase in oil refining production after the Duqm Refinery became operational, official figures show. Export of refined products almost trebled last year after the start-up of the $9 billion Duqm Refinery, a joint venture between the Omani government-owned OQ and Kuwait Petroleum International, a […] March 26, 2025
Economy Kuwait endorses 2025-26 budget with bigger deficit Kuwait has endorsed its budget for the next fiscal year 2025-26 with a higher deficit because of lower expected oil income. An emiri decree published in the official gazette set allocations for ministries and other government offices for the budget which starts on April 1. Spending was put at KD24.5 billion ($80.8 billion) and the […] March 25, 2025
