 | |
| Industry | Oil and gas industry |
|---|---|
| Founded | 1934 |
| Headquarters | , |
Area served | Global |
Key people | Ahmad Jaber Al-Eidan (CEO) |
| Products | Petroleum Natural gas |
| Owner | Government of Kuwait |
| Parent | Kuwait Petroleum Corporation |
| Website | www |
Kuwait Oil Company (KOC), an oil company headquartered in Al Ahmadi, Kuwait, is a subsidiary of the Kuwait Petroleum Corporation, a government-owned holding company. Kuwait was the world's 10th largest petroleum and other liquids producer in 2013, and fifth-largest exporter in terms of volume of crude oil and condensates.
As Kuwait's oil reserves have been nationalized since 1975,[1] with the KOC holding sole rights to explore for and develop oil resources,[1] the company is also a key contributor to the economic and social development for the State of Kuwait. KOC operations and activities of exploring and producing oil make up nearly 90% of the national budget, which is still highly dependent on oil in its resources.
According to a document reviewed by Reuters, Kuwait Oil Company has signed contracts worth $1.73 billion related to repairing the soil of oilfields destroyed during Iraq's invasion of Kuwait.[2]
History
The Kuwait Oil Company Limited was established in 1934, through an alliance between the Anglo-Persian Oil Company and the American Gulf Oil Company,[3] and is currently a subsidiary of the Kuwait Petroleum Corporation (KPC). The oil concession rights were awarded to the Company on 23 December 1934, and it started its drilling operations in 1936. The first oil discovery was in 1938 in Burgan field,[4] which is still considered the second largest oil field in the world. Discoveries then followed in Magwa in 1951, Ahmadi in 1952, Raudhatain in 1955, Sabriya in 1957, and Minagish in 1959. Oil exportation began on 30 June 1946.
Operations
KOC produces three grades of crude oil: Kuwaiti Export Crude, light crude and heavy crude.
See also
References
- 1 2 "Kuwait Oil Sector". AP Consulting. Retrieved 17 April 2023.
- ↑ Hagagy, Ahmed (18 October 2023). "Kuwait Oil Company signs $1.7 bln soil-rehab contracts". Reuters.
- ↑ "Kuwait Oil Company Archive - Archives Hub". archiveshub.jisc.ac.uk. Retrieved 30 July 2023.
- ↑ Naqi, Mohammad; Alsalem, Ohood; Qabazard, Suad; Abdullah, Fowzia (2023), Abd el-aal, Abd el-aziz Khairy; Al-Awadhi, Jasem Mohammed; Al-Dousari, Ali (eds.), "Petroleum Geology of Kuwait", The Geology of Kuwait, Regional Geology Reviews, Cham: Springer International Publishing, pp. 117–144, doi:10.1007/978-3-031-16727-0_6#sec48, ISBN 978-3-031-16727-0, retrieved 30 July 2023