Kuwait Oil Company

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.

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.