KOC .. In 90 Years Of Leadership Overcomes Challenges And Moves Ahead

(MENAFN- Kuwait News Agency (KUNA)) News report by Khaled Almutairi
KUWAIT, Dec 23 (KUNA) -- Today marks the 90th anniversary of establishing Kuwait Oil Company (KOC), a national establishment that attained leadership in oil and gas exploration and production, surviving hard times such the second global Great War, the 1990 Iraqi invasion and the pandemic outbreak.
For nine decades, the KOC has dedicated efforts to boost the State of Kuwait reserves of petroleum resources and hike the output, thus putting weight behind the national Economy and contributing to development.
It has devoted particular attention to overhaul skills of the cadres, both in the company and the society, with keenness on conserving the environment and achieving sustainable development.
The company has opted to stand by the sagacious leadership, supporting its development process, amid faithful efforts by the personnel whose dedication proved fruitful, thus rendering it an example to follow with regard of work and productivity.
The KOC was set up on December 23, 1934, as a result of a partnership between the Iranian-English Petroleum Company, currently known as British Petroleum and the American Oil Company, now named Chevron.
In 1936, it drilled the first well in Bahra, and in 1938 it discovered oil in Burgan Al-Kabeer field that has remained the second largest oil field globally. Later on, eight wells were drilled.
World War II caused the company's halt of operations, but it resumed work after end of the war in 1945, and on June 30, 1946, it exported the first shipment of crude oil.
The KOC had built al-Ahmadi town and after settling there, it started expanding operations. In 1951-1953, explorations expanded to Al-Muqawaa where production began there. In December 1955, it discovered a new field in Alrawdatain north of Kuwait.
In 1956, it launched the exhibition displaying its history and operations, and on April 27, 1950, the KOC inaugurated Al-Ahmad Hospital to offer medical services for its staff and their families.
In 1974, the company shifted 60 percent of the concessions to the State of Kuwait. The remaining 40 percent were divided equally between British Petroleum and the Gulf company.
In March 1975, the KOC was fully nationalized. Later in November, 1976, the corner stone of the gas project was laid at Al-Ahmadi refinery.
The year 1977 witnessed the drilling of a deep well, reaching 20,000 feet, at Burgan field.
The August 2, 1990 Iraq invasion hampered the company's regular operations, however the personnel exerted tremendous efforts to preserve the oil wealth. After the liberation, it rapidly responded to the major environmental catastrophe, when the retreating Iraqi forces set afire 727 oil wells. Although the challenge was huge, it succeeded in extinguishing the fires in 240 days.
On July 27, 1991, it exported the first crude oil shipment and resumed drilling at Al-Muqawaa on September 14 the same year.
On November 6, 1991, the late Amir Sheikh Jaber Al-Ahmad Al-Jaber Al-Sabah put out the last fire at the smoldering wells -- Burgan 18.
Since inception, the KOC established seven natural reserves and oases in line with its policy to conserve the environment on sustainable basis. In 2005, it established the first marine colony as part of the efforts at the environmental conservation level.
In October 2012, it opened Kuwait Center for Integrated Smart Fields, taking a foothold in the digital realm.
The company has been exerting huge efforts to cut burning of the associate gad, lowering the proportion from 17 percent to 0.5 percent.
On October 25, 2016, the KOC inaugurated Sedra project for solar energy at Umm Qadir field with a project to put out 10 megawatts of electricity.
In 2017, it concluded the 3-d seismological survey in Kuwait Bay and nearby areas. In 2018, it exported the first shipment of light crude. In 2019, it signed an accord with Halliburton for marine drilling and exploration. In five years, Al-Nokhatha field was discovered. It was estimated to contain 2.1 billion barrels of light oil and 5.1 trillion cubic feet of gas.
In 2020, the company launched the project to produce heavy crude oil in South Retqa field north of Kuwait. Despite challenges caused by the pandemic, it exported the first shipment of this crude.
In 2022, the KOC celebrated the hiking the production of the north region to 600,000 barrels per day and launched a plan to lift it further to 800,000 bpd by 2026.
Currently, it is working on execution of the 2040 strategy, aimed at boosting efficiency and productivity, in addition to the 2050 energy transformation strategy, designed to attain zero carbon emission. (end)
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