Kuwait Oil Company: Difference between revisions
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The '''Kuwait Oil Company''' ('''KOC'''), an oil company headquartered in [[Al Ahmadi, Kuwait|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. |
The '''Kuwait Oil Company''' ('''KOC'''), an oil company headquartered in [[Al Ahmadi, Kuwait|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. |
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As Kuwait's oil reserves have been nationalized since 1975,<ref name=AP>{{cite web|url=http://www.mideastlaw.com/article_kuwait_oil_sector.html|title=Kuwait Oil Sector|publisher=AP Consulting|accessdate=17 April 2023}}</ref> with the KOC holding sole rights to explore for and develop oil resources,<ref name=AP/> 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. |
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==History== |
==History== |
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The Kuwait Oil Company Limited was established in 1934, through an alliance between the Anglo-Persian Oil Company |
The Kuwait Oil Company Limited was established in 1934, through an alliance between the [[Anglo-Persian Oil Company]] and the American [[Gulf Oil|Gulf Oil Company]], 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]], which is still considered the second largest oil field in the world. Discoveries then followed in [[South Magwa oil field|Magwa]] in 1951, Ahmadi in 1952, Raudhatain in 1955, Sabriya in 1957, and Minagish in 1959. Oil exportation begain on 30 June 1946. |
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==Operations== |
==Operations== |
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KOC produces three grades of grude oil: Kuwaiti Export Crude, [[light crude oil|light crude]] and [[heavy crude oil|heavy crude]]. |
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Since KOC's establishment, whose responsibilities include exploration and production of oil and gas, and oil storage operations until it is delivered to tankers to complete the exportation process, has sought to continuously develop and enhance its operations, and has succeeded in achieving many world-class achievements. This was accomplished through launching and implementing numerous pioneering initiatives and projects, related to its basic work in oil and gas production, or in other matters specifically related to health, safety, security, and the environment, as well as the development of society, and supporting various State institutions and bodies in the public and private sectors. |
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KOC used to produce one type of oil, Kuwaiti Export Crude, for many years. This, however, has changed recently. KOC had successfully, the past few years, provided two additional and distinguished types of oil, namely, high-quality Light Oil, and Heavy Oil, which are contributing in diversifying Kuwait's oil Portfolio, and gaining new customers in the global market, as the two new types have characteristics that are sought after in the international market. KOC focuses on enhancing the production of the three oils, until the Company's production capacity reached record levels exceeding three million barrels of oil per day, and continues to discover new reservoirs to support its reserves. |
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The Company is working steadily to boost the pace of non-associated free gas production, which is close to reaching the production target set within the Sector’s 2040 Strategy, which is one billion cubic feet per day, by constructing a number of Jurassic gas production facilities and launching several other projects. |
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=== Chairmen<ref>{{Cite web |title=Kuwait Oil Company |url=https://www.kockw.com/sites/EN/Pages/Profile/History/Ex-Chairmen.aspx |access-date=2022-10-21 |website=www.kockw.com}}</ref> === |
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*Ahmad Al-Eidan (2022-) |
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*Emad Sultan 2019–2022) |
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*Jamal Abdulaziz Ja'far (2016–2019) |
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*Hashim Sayed Hashim (2013–2016) |
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*Sami Al-Rushaid (2007–2013) |
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*Farouk Al-Zanki (2004–2007) |
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*Ahmad Al-Arbeed (2001–2004) |
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*Abdullatif Al-Tourah (1998–2001) |
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*Khalid Al-Fulaij (1992–1998) |
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*Abdulmalik Al-Gharabally (1984–1992) |
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*Ahmad Jaafar (1975-1983) |
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*James A. Strand (1972-1975) |
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*M. L. Ralston (1969-1972) |
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*James E. Lee (1966-1969) |
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*H.L. Scott (1965-1966) |
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*D.E.C. Steel (1962-1965) |
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*E. Boaden (1961-1962) |
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*L.T. Jordan (1948-1960) |
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*Hon. W. Fraser (1959-1962) |
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*Sir Philip Southwell (1946-1959) |
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==See also== |
==See also== |
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Revision as of 14:16, 17 April 2023
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| 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 |
The 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.
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, 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, 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 begain on 30 June 1946.
Operations
KOC produces three grades of grude oil: Kuwaiti Export Crude, light crude and heavy crude.
See also
References
- ^ a b "Kuwait Oil Sector". AP Consulting. Retrieved 17 April 2023.
External links
| International | |
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| National | |
| Academics | |
