On July 30, 1946, KOC exported its first shipment of crude oil, marking a transformative moment in Kuwait’s history. This milestone ushered in an era of rapid progress, as oil revenues elevated Kuwait to a leading position among oil-producing nations.
Kuwait’s GDP contracted by 3.6% last year, thanks in large part to a 4.3% contraction in its oil sector due to the production cuts. The economy shrank again by 1.5% on an annual basis in the second quarter after the oil sector declined 6.8%.
The Kuwait Petroleum Corporation is planning to invest around USD 33 billion in maintaining and expanding its oil and gas production over the coming five years, Bloomberg reported on Thursday.
QatarEnergy will supply three million tonnes of liquefied natural gas (LNG) a year under the deal, the Kuwait Petroleum Corporation (KPC) said in a statement.
Kuwait has discovered a significant amount of oil and gas in the Al-Noukhitha offshore field, estimated at around 3.2 billion barrels of oil equivalent.
The discovery includes 2.1 billion barrels of light oil and 5.1 trillion standard cubic feet of natural gas.
Kuwait plans to develop plans for extracting resources from the field as soon as possible, aiming to increase its oil production capacity to 4 million barrels per day by 2035.
Kuwait Petroleum Corporation CEO Al-Sabah: Global oil demand looks robust.
Al-Sabah: U.S. shale production has helped meet part of the recent growth in world oil consumption.
As part of the voluntary OPEC+ cuts, Kuwait has pledged to voluntarily reduce its crude oil production by 135,000 bpd.
OPEC only partially delivered new oil production cuts in the first month of its latest supply pact, according to a report from the group.
Oil prices have nearly erased all year-to-date gains as shrinking refining margins signal weaker demand for oil.
Kuwait aims to boost the country’s oil production capacity to 3.5 million barrels per day in 2030
State-owned Kuwait Oil Co (KOC) has announced plans to award 22 projects to local and foreign firms in the next few months, Zawya Projects reported, citing the Arabic language daily Alanba.