The Kuwait Oil Company (KOC) is headquartered in Ahmadi, Kuwait and is a subsidiary of the Kuwait Petroleum Corporation, a Government-owned holding company. KOC is the world's fourth-largest oil exporter.
History
In 1934 the Kuwait Oil Company Ltd. was established by the Anglo-Persian Oil Company, now known as the British Petroleum Company, and Gulf Oil Corporation, now known as Chevron Corporation.
The Company activities had extended to include exploration operations, on-shore and off-shore surveys, drilling of test wells, and developing of producing fields in addition to crude and natural gas exploration.
In 1938 oil was found in commercial quantities in the Burgan Field. In June 1946 His Highness Sheikh Ahmad Al-Jaber Al-Sabah, the late Amir of Kuwait, inaugurated the export of the first crude shipment.
New fields were developed and export facilities were expanded, resulting in the construction of the North and South Piers, the Sea Island, and the Single Point Mooring.
In 1975 the Kuwait Government took over 100% of the Kuwait Oil Company.
In 1980 Kuwait Petroleum Corporation was established to bring all state owned oil companies under one entity.
KOC was devastated by the invasion in 1990. However after liberation on 26.2.1991 and within months, production gradually returned to full capacity.
Super light crude oil was discovered at Sabriya in 2005. The discovery of the API 52 crude oil represents a big jump in the company’s exploration abilities.
In 2006, gas was discovered in the deep Jurassic reservoirs at Rahiya, Mutriba, Um Niga and other fields.
Startegy
The Kuwait Oil Company is one of the flagship subsidiaries of Kuwait Petroleum Corporation, the state’s national oil conglomerate. The company’s major focus is to reach its production target of 4 million barrels of oil per day by 2020 as well as to discover a greater volume of non-associated gas to divert the country’s liquid fuels away from power generation to lucrative export markets.
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