State-owned Kuwait Petroleum Corporation (KPC) has reported a decade-high net profit of 2.6 billion Kuwaiti dinars ($8.48 billion) for the financial year ended 31 March, chief executive Nawaf Saud Al-Sabah said on Sunday.
“These are the highest net profits we achieved in the past 10 years,” Al-Sabah, was quoted by state-run news agency KUNA.
He noted the company achieved “success in operating new projects, which raised the output of crude oil and clean high-quality products that are highly demanded around the world”.
Al-Sabah said the company, along with its subsidiaries, succeeded in increasing Kuwait’s crude production capacity by more than 200,000 barrels per day to 2.8 million bpd in the same period.
“After more than eight decades of oil and gas production from the mainland of Kuwait, KOC (Kuwait Oil Company) drilled Kuwait’s first offshore well, as part of KPC’s broader plan to raise production capacity to 4 million bpd by 2035,” he added.
However, Al-Sabah did not disclose the company’s net profit achieved during the previous financial year.
KNPC results
Another state-owned player, Kuwait National Petroleum Company (KNPC) recently posted a net profit of 1.016 billion Kuwaiti dinars ($3.3 billion) in the financial year ended 31 March, Upstream reported.
The profit is the company’s largest ever and was almost 198% higher than the 341.38 million dinars profit reported for the previous 12 months, KNPC stated.
Regional oil and gas giants including Saudi Aramco and QatarEnergy have been posting record 2022 profits amid high global oil and gas prices, and improved macroeconomic prospects.
QatarEnergy recently reported a net profit of 154.6 billion riyals ($42.5 billion) for 2022, an almost 58% increase compared to the previous year, led by robust global gas prices.
Source: https://www.upstreamonline.com/