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| Industry | Oil and gas industry |
|---|---|
| Founded | 1945 |
| 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 2010.[1] The company produced a total of 1.7 million barrels per day.
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.
Kuwait's oil reserves are estimated at 100 billion barrels.[5]
- ^ "Slide Show: The World's Biggest Oil Companies". Forbes. Retrieved 6 March 2024.
- ^ "Kuwait Oil Sector". AP Consulting. Retrieved 17 April 2023.
- ^ "Kuwait Energy Data, Statistics and Analysis - Oil, Gas, Electricity, Coal" (PDF). Europe Energy Information Administration.
- ^ "Kuwait - Country Commercial Guide - Oil and Gas". U.S. International Trade Administration. 30 December 2023.
- ^ Hagagy, Ahmed (10 October 2023). "Kuwait seeks to boost oil production, pushes on with Durra gas field". Reuters.