Kuwait City: State-owned Kuwait Oil Company's (KOC) strategies have contributed significantly to national development and prosperity, an oil ministry official said, highlighting these initiatives as beneficial to the economy.
According to Kuwait News Agency, a month after celebrating the 90th anniversary of the company's inception, KOC's prominence has grown, marked by achievements dating back to a 1938 oil well discovery, said the ministry's chief public relations officer Sheikha Tamadhur Al-Sabah. During a panel discussion on the company's journey, she noted KOC's progress in digital initiatives and environmental sustainability, aligning with Kuwait's 2035 development strategy to transform the country into a global energy and technological hub.
Sheikha Tamadhur Al-Sabah praised the efforts of KOC's workforce, attributing the company's progress to their dedication and commitment. KOC's Senior Planner Qutaiba Okasha described the company as multi-faceted, involved in exploration and production, and noted its revamped organizational structure to address challenges affecting output and productivity.
The state-owned company has achieved several milestones, including its first offshore exploratory and drilling operations and a record gas output of 683 million cubic feet per day in November 2024. Okasha discussed KOC's long-term plans, citing a strategy to increase Kuwait's gas production capacity to two billion cubic feet per day by 2040.
Another strategy focuses on utilizing energy sources with low carbon emissions, emphasizing KOC's commitment to achieving zero neutrality by 2050 through investment in alternative energy sources.