In January 2024, Khaled Al -Salb, CEO of Kuwait Petroleum Company (KPC), revealed an ambitious investment plan worth 30 billion dollars aimed at enhancing the ability to produce the emirate’s oil by 40 %. The goal is to increase production from 2.8 million barrels per day (BPD) to 4 million barrels per day by 2040.
To convert ambitious into reality, state -owned KPC, which has long relied on wild reserves, depends on exploration abroad with an area of 6000 square kilometers under review. Kuwait Oil Company (KOC), a subsidiary of KPC, has already made great steps with the discovery of two new fields: the 74 km length of the jayya field, which can contain up to 2.1 billion barrels of oil and 5.1 feet of natural gas. New gas discoveries are of special importance for Kuwaitis, who are currently dependent on imports to meet the needs of local consumption.
Oil discoveries can pave the way for new business opportunities as well. While Kuwait is still cautious about foreign participation in the hydrocarbons industry last year, KOC signed a contract with US -based SLB to dig 141 new wells.
The hydrocarbons strategy in Kuwait does not stop when production increases; It also includes strengthening the current infrastructure. In 2024, the emirate opened the 30 billion dollars, the largest in Kuwait and the seventh largest in the world. At full capacity, Al Zour is scheduled to raise the country’s refining capacity to 1.42 million barrels per day, up from 800,000 currently.
Along with this expansion, Kuwait is looking to simplify its cellular network of hydrocarbon institutions. Currently, KPC supervises eight subsidiary companies, including KOC. In 2020, the government imposed the PWC International Consulting Company to provide advice on potential unification. Today, it may be ready to integrate some of these entities in an attempt to enhance efficiency. Local media is already reporting the potential integrations between Kuwait National Petroleum Company, Kuwait Integrated Petroleum Industries, as well as KOC and Kuwait Gulf Oil Company.
