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'''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.
'''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 2010<ref>{{Cite web |title=Slide Show: The World's Biggest Oil Companies |url=https://www.forbes.com/2010/07/09/worlds-biggest-oil-companies-business-energy-big-oil_slide.html |access-date=2024-03-06 |website=Forbes |language=en}}</ref>. The company produced a total of 1.7 million barrels per day (bpd).


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 of 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.
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, established in 1979<ref>{{Cite web |title=Kuwait Energy Data, Statistics and Analysis - Oil, Gas, Electricity, Coal |url=https://www.europarl.europa.eu/meetdocs/2009_2014/documents/darp/dv/darp20100519_02_/darp20100519_02_en.pdf |url-status=live |website=Europe Energy Information Administration |format=PDF}}</ref>, holding sole rights to the exploration and production of oil and gas within Kuwait<ref>{{Cite web |title=Kuwait - Country Commercial Guide - Oil and Gas |url=https://www.trade.gov/country-commercial-guides/kuwait-oil-and-gas |website=U.S. International Trade Administration}}</ref>. 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.<ref>{{Cite news |last=Hagagy |first=Ahmed |date=October 18, 2023 |title=Kuwait Oil Company signs $1.7 bln soil-rehab contracts |work=Reuters |url=https://www.reuters.com/business/energy/kuwait-oil-company-signs-17-bln-soil-rehab-contracts-document-2023-10-18/}}</ref>
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.<ref>{{Cite news |last=Hagagy |first=Ahmed |date=October 18, 2023 |title=Kuwait Oil Company signs $1.7 bln soil-rehab contracts |work=Reuters |url=https://www.reuters.com/business/energy/kuwait-oil-company-signs-17-bln-soil-rehab-contracts-document-2023-10-18/}}</ref>


==History==
==History==
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]],<ref>{{Cite web |title=Kuwait Oil Company Archive - Archives Hub |url=https://archiveshub.jisc.ac.uk/data/gb1566-koc |access-date=2023-07-30 |website=archiveshub.jisc.ac.uk}}</ref> 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]],<ref>{{Citation |last=Naqi |first=Mohammad |title=Petroleum Geology of Kuwait |date=2023 |url=https://doi.org/10.1007/978-3-031-16727-0_6 |work=The Geology of Kuwait |pages=117–144 |editor-last=Abd el-aal |editor-first=Abd el-aziz Khairy |access-date=2023-07-30 |series=Regional Geology Reviews |place=Cham |publisher=Springer International Publishing |language=en |doi=10.1007/978-3-031-16727-0_6#sec48 |isbn=978-3-031-16727-0 |last2=Alsalem |first2=Ohood |last3=Qabazard |first3=Suad |last4=Abdullah |first4=Fowzia |editor2-last=Al-Awadhi |editor2-first=Jasem Mohammed |editor3-last=Al-Dousari |editor3-first=Ali|doi-access=free }}</ref> 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 began on 30 June 1946.
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]],<ref>{{Cite web |title=Kuwait Oil Company Archive - Archives Hub |url=https://archiveshub.jisc.ac.uk/data/gb1566-koc |access-date=2023-07-30 |website=archiveshub.jisc.ac.uk}}</ref> 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]],<ref>{{Citation |last=Naqi |first=Mohammad |title=Petroleum Geology of Kuwait |date=2023 |url=https://doi.org/10.1007/978-3-031-16727-0_6 |work=The Geology of Kuwait |pages=117–144 |editor-last=Abd el-aal |editor-first=Abd el-aziz Khairy |access-date=2023-07-30 |series=Regional Geology Reviews |place=Cham |publisher=Springer International Publishing |language=en |doi=10.1007/978-3-031-16727-0_6#sec48 |isbn=978-3-031-16727-0 |last2=Alsalem |first2=Ohood |last3=Qabazard |first3=Suad |last4=Abdullah |first4=Fowzia |editor2-last=Al-Awadhi |editor2-first=Jasem Mohammed |editor3-last=Al-Dousari |editor3-first=Ali|doi-access=free }}</ref> 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. The commercial export of crude oil began in 1946<ref>{{Cite web |title=OPEC-Kuwait facts and figures |url=https://www.opec.org/opec_web/en/about_us/165.htm |website=OPEC}}</ref>.


==Operations==
==Operations==

Revision as of 15:43, 6 March 2024

Kuwait Oil Company
IndustryOil and gas industry
Founded1934; 90 years ago (1934)
Headquarters
Ahmadi
,
Kuwait
Area served
Global
Key people
Ahmad Jaber Al-Eidan (CEO)
ProductsPetroleum
Natural gas
OwnerGovernment of Kuwait
ParentKuwait Petroleum Corporation
Websitewww.kockw.com

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 2010[1]. The company produced a total of 1.7 million barrels per day (bpd).

Kuwait's oil reserves have been nationalized since 1975,[2] with the KOC, established in 1979[3], holding sole rights to the exploration and production of oil and gas within Kuwait[4]. 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.[5]

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,[6] 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,[7] 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. The commercial export of crude oil began in 1946[8].

Operations

KOC produces three grades of crude oil: Kuwaiti Export Crude, light crude and heavy crude.

See also

References

  1. ^ "Slide Show: The World's Biggest Oil Companies". Forbes. Retrieved 6 March 2024.
  2. ^ "Kuwait Oil Sector". AP Consulting. Retrieved 17 April 2023.
  3. ^ "Kuwait Energy Data, Statistics and Analysis - Oil, Gas, Electricity, Coal" (PDF). Europe Energy Information Administration.{{cite web}}: CS1 maint: url-status (link)
  4. ^ "Kuwait - Country Commercial Guide - Oil and Gas". U.S. International Trade Administration.
  5. ^ Hagagy, Ahmed (18 October 2023). "Kuwait Oil Company signs $1.7 bln soil-rehab contracts". Reuters.
  6. ^ "Kuwait Oil Company Archive - Archives Hub". archiveshub.jisc.ac.uk. Retrieved 30 July 2023.
  7. ^ 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
  8. ^ "OPEC-Kuwait facts and figures". OPEC.

External links

Retrieved from "https://en.wikipedia.org/w/index.php?title=Kuwait_Oil_Company&oldid=1212190407"