Kuwaiti Official Hails KOC's Ambitious Plans

1/23/2025 3:05:00 PM

(MENAFN- Kuwait News Agency (KUNA)) KUWAIT, Jan 23 (KUNA) -- State-owned Kuwait Oil Company's (KOC) "ambitious" strategies have contributed immensely towards national development and prosperity, an oil Ministry official said on Thursday, hailing such initiatives as highly beneficial to the economy.
A month after celebrating the 90th anniversary of the company's inception, KOC has only grown in prominence since then, with its history dotted with notable achievements, dating back to a 1938 oil well discovery, the ministry's chief public relations officer Sheikha Tamadhur Al-Sabah told a panel discussion over the company's "illustrious journey."
On more recent endeavors, KOC has made rapid progress in a "digital drive" and "environmental sustainability" initiatives, both of which fall in line with Kuwait's 2035 development strategy, which envisions transforming the country into a global energy and technological hub, the official underlined.
She went on to praise the "diligent efforts" of the company's workforce, saying that the immense progress KOC has achieved over the years would not have been possible if not for the dedication and commitment of its staff.
Describing it as a multi-faceted firm, KOC's Senior Planner Qutaiba Okasha said the company engages in both exploration and production work, while it has revamped its "organizational structure" as part of efforts to deal with potential challenges that could encumber output volume and productivity.
The state-owned company has seen a slew of significant achievements over the last few years, chief among them its first offshore exploratory and drilling operations for oil, in addition to a record gas output of 683 million cubic feet per day in November 2024, he said.
Discussing the company's long-term plans, the official cited an ambitious strategy to maintain growth in Kuwait's gas production capacity, with the goal of ratcheting up output to some two billion cubic feet per day by the year 2040, he said.
Another similar strategy deals with relying on energy sources with the "lowest carbon emissions globally," he said, emphasizing the company's commitment to achieving zero neutrality by 2050, which includes investing in alternative energy sources. (end)
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