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Kuwait Oil Company

Oil company based in Ahmadi, Kuwait

Oil company based in Ahmadi, Kuwait

FieldValue
nameKuwait oil company
typeSubsidiary
foundation
founderAnglo-Persian Oil Company
Gulf Oil
location_cityAhmadi
location_countryKuwait
area_servedGlobal
key_peopleAhmad Jaber Al-Eidan (CEO)
industryOil and gas industry
productsPetroleum
Natural gas
net_incomeKWD 233.7 million (FY 2024/25)
US$ 761 million
ownerGovernment of Kuwait
parentKuwait Petroleum Corporation
homepage

Gulf Oil Natural gas US$ 761 million

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. The country has a long-term strategic goal to increase its production capacity to 4 million bpd by 2040.

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

History

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). The company began drilling operations in 1936.

Oil was first discovered in 1938 at the Burgan field, 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.

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. 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.

YearOilGasDryFeet
1937001
194750023,818
19482400116,112
19494900246,773
1950130061,188
1951200189,985
1952210298,555
1953170073,100
1954120156,638
YearBurgan
Magwa
AhmadiRaudhatainSabriyahGudairMinagishBahrah
19465,931
194716,225
194846,547
194989,930
1950125,722
1951204,910
1952273,433
1953314,592
1954347,319
1955398,494
1956399,871
1957416,045
1958509,720
1959504,855
1960559,10035,200
1961553,92641,9001,400
1962620,00047,2002,100
1963647,70048,7003,5005,600
1964682,20053,70014,1004,20020,600
1965693,20056,90017,0004,90019,900
1966716,80061,40022,6004,90024,800
1967723,80059,90022,6004,90025,500
1968759,70071,20026,9004,90023,400
1969777,60077,20029,70033,50020,6001,400
1970806,50077,90060,20032,80019,3001,400
1971858,70081,60071,20034,20020,7001,400
1972882,00083,90074,30034,90021,3001,400
1973809,20076,40067,90032,80019,3001,400
1974665,10077,00045,00025,00018,5000
1975530,40078,50025,00019,00018,000
1976574,10080,45314,68913,02417,715
1977533,86070,64414,82512,63718,028
1978552,70090,20032,3008,3009,600
1979618,130128,36940,91814,3577,419
1980398,00070,00025,3007,0006,000

Operations

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.

Strategic Goals and Recent Projects

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.
  • 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.
  • 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.
  • 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.

Notes

References

References

  1. (December 2025). "Extension of Ahmad Al-Eidan's service as CEO of KOC until 2027". Annahar Newspaper.
  2. (October 14, 2025). "KOC reports KWD 233.7 million net profit for FY 2024/25". Argaam Reports.
  3. "Kuwait Oil Production".
  4. "OPEC Monthly Oil Market Report - October 2025".
  5. MacDonald, Mechanical. (19 January 2024). "Kuwait's KPC sets sights on 4 million bpd oil capacity by 2040". Reuters.
  6. "Kuwait Oil Sector". AP Consulting.
  7. (30 December 2023). "Kuwait - Country Commercial Guide - Oil and Gas".
  8. Hagagy, Ahmed. (10 October 2023). "Kuwait seeks to boost oil production, pushes on with Durra gas field". [[Reuters]].
  9. "Kuwait Oil Company Archive - Archives Hub".
  10. (20 May 1946). "Kuwait - Concessions".
  11. (October 1946). "Geophysical operations in Kuwait".
  12. (26 May 1938). "Assures New Productive Field On Fringe of Persian Gulf".
  13. (2023). "Petroleum Geology of Kuwait". Springer International Publishing.
  14. "OPEC-Kuwait facts and figures".
  15. Syal, Richa. (2021-12-11). "'Gushing oil and roaring fires': 30 years on Kuwait is still scarred by catastrophic pollution". The Guardian.
  16. Hagagy, Ahmed. (October 18, 2023). "Kuwait Oil Company signs $1.7 bln soil-rehab contracts". Reuters.
  17. (July 1948). "World Oil's 3rd Annual World Oil Atlas - Drilling Activity by Countries in 1946 and 1947". World Oil.
  18. (15 July 1949). "World Oil's 4th International Operations Issue - Drilling Activity in 1947 and 1948 by Countries". World Oil.
  19. (2 July 1950). "World Oil's 5th International Operations Issue - Drilling Activity in 1948 and 1949 by Countries". World Oil.
  20. (15 July 1952). "World Oil's 7th International Operations Issue - Drilling in Kuwait". World Oil.
  21. (15 August 1953). "World Oil's 8th International Operations Issue - Drilling Activity in 1951 and 1952 by Countries". World Oil.
  22. (15 August 1954). "World Oil's 9th International Operations Issue - Wells and Footage Drilled in 1952 and 1953, by Countries". World Oil.
  23. (15 August 1955). "Kuwait...".
  24. (15 August 1955). "World Oil's 10th International Outlook Issue - World Drilling Activity". World Oil.
  25. (20 May 1946). "Kuwait - History of Development".
  26. (October 1938). "Prolific Production Expected in Saudi Arabia and Kuwait".
  27. (May 1983). "The Petroleum Resources of the Middle East". Energy Information Administration.
  28. "Kuwait's first heavy oil production to begin in months".
  29. (20 August 2023). "Kuwait Oil Co starts first offshore drilling". Zawya.
  30. (2024-05-08). "Kuwait expands renewable energy ambitions: 1 gigawatt solar project underway".
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