The Kuwait Oil Company (KOC) is investing $3.9 billion in exploration drilling through 2030 to boost its oil output capacity. This investment is part of a larger, record-breaking 9.8 billion dinar (around $31.8 billion) budget allocated for drilling and maintenance of up to 6,193 wells by the end of the decade. The initiative aims to help Kuwait reach an oil production capacity of 4 million barrels per day (bpd) by 2035 and sustain it until 2040. KOC is expected to contribute 3.65 million bpd towards this goal.
A key element is offshore exploration, with KOC planning to drill 18 wells in its second phase after a successful first phase. Initial estimates for offshore production capacity by 2035 are around 150,000 bpd, potentially increasing due to recent discoveries.
KOC is utilizing technologies like AI to access deeper reservoirs.
Three significant offshore oil and gas discoveries have been announced since July 2024.
The plan includes developing previously discovered fields, such as the Mutriba field which began production in 2025.
Note by Alessandro Bazzoni