logo
Kuwait's KOC extends major tender to expand southern oil capacity

Kuwait's KOC extends major tender to expand southern oil capacity

Zawya24-06-2025
KUWAIT CITY - The Central Agency for Public Tenders (CAPT) has extended the deadline for bids on a significant Kuwait Oil Company (KOC) tender.
This tender, which includes the construction and installation of the third Oil Separation Gathering Center and third Water Injection Station in South Kuwait, is now due on July 22 instead of June 22.
Sources told the newspaper that this tender is a strategic component of KOC's broader initiative to develop oil fields in the southern part of the country.
They said this development is crucial due to the abundant oil reserves in the South, and the need for enhancements to ensure sustained and increased production.
The southern region houses Kuwait's most vital and largest oil fields, including the second-largest field in the world -- Burgan, along with its associated fields like Maqwa and Al- Ahmadi, as well as the Managish and Umm Qadir fields.
Additionally, the Al-Julaia offshore field, discovered in January 2025, is situated in the South. It boasts of estimated reserves of approximately 800 million barrels of medium-density oil and 600 billion cubic feet of associated gas.
KOC's objective in building the third water injection station is to boost its production capacity in the southern region. Water injection is a key technique that significantly aids oil extraction from reservoirs, utilizing high-pressure technologies to seal any voids in wells.
Sources confirmed that KOC intends to implement the Gathering and Separation Center 3 and the Water Injection Station 3 to connect the company's oil fields through an extensive network.
'This network will facilitate the feeding of oil from the gathering centers, ensuring that processing operations are carried out in a consistent and nearly uniform manner, especially with the interconnected wells,' they added.
The company intends to issue several major tenders throughout 2025 to increase the production capacity of all oil and gas fields, including those in the northern regions. Production enhancement in the northern fields is being achieved through the agreements that KOC reached with international companies.
Despite a decline in production in recent years, the Burgan field remains robust and continues to be one of the world's richest oil fields. Kuwait will depend on it for many years to come.
KOC is working diligently to restore full production to its previous level of around 2.4 million barrels per day, an increase from its current production of approximately 1.7 million barrels per day.
Syndigate.info).
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Gulf Takaful Insurance Company successfully completes capital increase of KWD 7mln
Gulf Takaful Insurance Company successfully completes capital increase of KWD 7mln

Zawya

time8 hours ago

  • Zawya

Gulf Takaful Insurance Company successfully completes capital increase of KWD 7mln

Kuwa: In its capacity as the issuer, Gulf Takaful Insurance Company K.S.C.C. 'GTIC', and the Kuwait Financial Centre 'Markaz', the lead manager and subscription agent, announced in a joint statement the successful completion of GTIC's capital increase, raising a total value of KWD 7 million through the issuance of 70,286,789 ordinary shares at a subscription price of 100 Kuwaiti fils per share, representing 70% of the issued and paid-up capital of the company. The subscription period for the rights issue ran from 10 June to 24 June 2025. Mr. Mubarak Othman Al-Ayyar, Chief Executive Officer (CEO) at Gulf Takaful Insurance Company, expressed his contentment with the successful subscription process, which reflects the shareholders' confidence in the quality and performance of the company. He also praised the professionalism with which the subscription was managed by Markaz, stating: "The subscription process fulfilled all the necessary regulatory procedures for the issuance of shares. The proceeds from the capital increase will be directed toward enhancing the company's solvency margin in line with prevailing regulatory requirements. It will also contribute to implementing the company's expansion strategy, supporting its general corporate purposes, continuing the execution of its plans, and strengthening its position in the Takaful Insurance Sector both locally and regionally. We value the active role played by all , the Insurance Regulatory Unit (IRU) officials, the Ministry officials, the Capital Markets Authority and Kuwait Clearing Company team in the successful execution of the capital increase. We also thank team Markaz for managing the subscription process with utmost professionalism, efficiency, and seamless coordination across all stages of the offering." On this occasion, Mr. Ali H. Khalil, Chief Executive Officer at Markaz, stated: 'We are proud at Markaz to have played a pivotal role in the success of the subscription process as the issuance manager and receiving agent. This reflects our ongoing commitment to supporting our clients in achieving their strategic growth goals. We mobilized our extensive expertise in the capital markets sector and our highly skilled teams to ensure the subscription process was carried out in accordance with the highest professional and regulatory standards. We thank Gulf Takaful Insurance Company for their valued trust in Markaz's capabilities to manage the capital increase subscription. This achievement highlights the strength of our partnership and further reinforces our position as a trusted partner in the investment banking sector." About Gulf Takaful Insurance Company 'GTIC ' Gulf Takaful Insurance Company K.S.C.C was established as a closed Kuwaiti shareholding company on September 6, 2004. Gulf Insurance and Reinsurance Company acquired a majority stake in the company in 2020. The acquisition contributed to the development of the company, and it became part of the Gulf Insurance Group. Following the acquisition, the company rebranded as GIG Takaful – Kuwait, establishing itself as the Takaful insurance arm of GIG in the State of Kuwait. GIG maintains its strong presence in the Arabian Gulf & MENA regions. The whole GIG group is owned by the Fairfax Financial Holding Company Limited, a global financial services holding company. Gulf Takaful Insurance Company offers a comprehensive range of Takaful insurance products, including fire insurance, general accident insurance, travel insurance, engineering insurance, marine and aviation insurance, Motor insurance, Group life insurance, medical insurance and Pet insurance, all in accordance with the provisions and principles of Islamic Sharia. About Kuwait Financial Centre 'Markaz ' Established in 1974, Kuwait Financial Centre K.P.S.C 'Markaz' is one of the leading asset management and investment banking institutions in the MENA region with total assets under management of over KD 1.56 billion (USD 5.11 billion) as of 30 June 2025. Markaz was listed on the Boursa Kuwait in 1997. Over the years, Markaz has pioneered innovation through the creation of new investment channels. These channels enjoy unique characteristics and help Markaz widen investors' horizons. Examples include Mumtaz (the first domestic mutual fund), MREF (the first real estate investment fund in Kuwait), Forsa Financial Fund (the first options market maker in the GCC since 2005), and the GCC Momentum Fund (the first passive fund of its kind in Kuwait and across GCC that follows the momentum methodology), all conceptualized, established, and managed by Markaz. For further information, please contact: Sondos S. Saad Media & Communications Department Kuwait Financial Centre K.P.S.C. "Markaz" Email: ssaad@

Talabat-sponsored Academy X celebrates the graduation of its second cohort of future female tech leaders
Talabat-sponsored Academy X celebrates the graduation of its second cohort of future female tech leaders

Zawya

time9 hours ago

  • Zawya

Talabat-sponsored Academy X celebrates the graduation of its second cohort of future female tech leaders

Kuwait: As part of its sponsorship of Academy X – Kuwait's biggest women's empowerment initiative in the tech and entrepreneurship industry, talabat, the leading on-demand online ordering platform in the MENA region, announced the graduation of the program's second cohort. This sponsorship reflects talabat's ongoing commitment to advancing Kuwait's digital economy and infrastructure, while nurturing a new generation of skilled, tech-driven talent. By supporting forward-looking programs, talabat continues to play an active role in helping achieve the New Kuwait Vision 2035. Led by CODED Academy and sponsored by talabat, the second Academy X cohort of the 2025 edition saw the participation of a select group of Kuwaiti female students, ages 14–18. At the end of the intensive program, participants developed and presented over 50 creative tech projects, which demonstrated their newly acquired knowledge in the latest artificial intelligence (AI) tools, app and web development, successful user interface and user experience design (UI/UX), the foundations of entrepreneurship, as well as leadership and soft skills. Commenting on the students' achievement, Bader Al-Ghanim, Vice President and Managing Director of talabat Kuwait, said: 'We are proud of all Academy X participants, and we commend them all on their hard work and dedication, which are evident in the aspiring and future-ready projects they presented. While we stand behind all Kuwaiti youth on their journeys to becoming the country's future tech leaders, we are especially committed to supporting girls and ensuring they have the necessary resources to advance in the STEM fields and contribute to the national technology and innovation ecosystem.' He added: 'As part of our social responsibility strategy, we are keen to continue contributing to advancing digital literacy, coding proficiency, creative thinking, and entrepreneurial agility in Kuwait – all of which are at the heart of the New Kuwait Vision 2035. Our unwavering investment in youth is a direct investment in Kuwait's digital landscape, which ultimately supports the very growth and expansion of talabat domestically and regionally.' On his part, Hashim Behbehani, Co‑founder and Chief Operations Officer of CODED, said: 'I would like to extend my thanks to talabat for their ongoing support and the integral role they continue to play in the success of Academy X and the growth opportunity it offers young women in Kuwait's tech industry. The growing support that we continue to witness from socially responsible institutions, such as talabat, reflects the unity and cohesion that propel our growth as a society and an economy, capable of competing on an international level.' The success and impact of Academy X is evident in the voices of its graduates: 'This isn't my first time participating in one of CODED's initiatives. Programs such as Academy X have truly helped me develop in so many ways, starting with self-confidence and my ability to address a mixed audience of males and females eloquently and without hesitation. The program also sparked in me a love for self-discovery, because honestly, they've always taught us in a way that's engaging and never exhausting or boring. The time I spend with the program instructors and fellow participants always gives me energy and excitement, and a positive vibe I can't find elsewhere. I look forward to every lecture because I know each time I'll walk away with something new that helps me grow.' — Fatima Ayman AlZaid, Academy X Graduate 'My experience with the Academy X program was truly inspiring and enriching. I learned practical skills in entrepreneurship and technology, and I developed my self-confidence and ability to present my ideas to others. It was a unique opportunity that helped me discover my creative abilities and made me believe that any idea can be achieved if it's backed by passion and hard work. During the program, we worked on an application project to solve a problem we collectively faced, which was a real opportunity to apply what we learned in a practical, hands-on way.' — Aisha Khalil AlOtaibi, Academy X Graduate 'I've participated in many programs and competitions, but nothing comes close to Academy X — a truly unique experience in every detail, with a beautiful and lasting impact.' — Lulwah Salah AlSaeed, Academy X Graduate With one more cohort remaining in the 2025 edition of Academy X, talabat is gearing up for extending its sponsorship of the program to future editions, guaranteeing its continuity and growth. This involves expanding and developing the program's deliverables, increasing the number of enrolled participants, and providing more diverse and innovative training content. These efforts aim to enhance the program's positive impact and solidify its role as a pioneering initiative in empowering females in the technology sector. As a key player in the region's digital landscape, talabat spares no effort to support young talents, especially girls and women, in learning the vital skills and tools of the digital industry, enabling them to lead with confidence, innovation, and creativity, as well as introduce novel solutions for their communities' challenges and needs. Recognizing the digital-first nature of the future, talabat's sponsorship of Academy X is a contribution to a better digital future for Kuwait, the region, and, potentially, the world.

Kuwait Airways launches self-service check-in system
Kuwait Airways launches self-service check-in system

Zawya

time9 hours ago

  • Zawya

Kuwait Airways launches self-service check-in system

As part of its ongoing efforts to facilitate travel procedures for its valued passengers, Kuwait Airways has announced the launch of a self-service check-in system at Terminal 4 (T4). This service enables passengers to complete self-check-in procedures, including baggage weighing and the issuance of boarding passes. Kuwait Airways Chairman, Captain Abdulmohsen Salem Al-Fagaan, stated, 'Kuwait Airways is pleased to announce the launch of the self-check-in service, which enables passengers to weigh their baggage and issue their boarding passes, without the need for staff assistance, thereby completing the procedures quickly.' Al-Fagaan stated that this initiative is part of Kuwait Airways' ongoing efforts to facilitate the check-in process for passengers, ensure the smooth completion of travel procedures, and reduce congestion, particularly with the onset of the busy summer travel season. He added that the company will soon release an instructional video to guide passengers on how to complete the procedures easily and conveniently. Al-Fagaan emphasised Kuwait Airways' commitment to ensuring a seamless travel experience for its valued passengers—beginning from the moment they enter the terminal, through the efficient completion of all travel procedures, and continuing onboard, where they are provided with exceptional service by the cabin crew, in addition to enjoying state-of-the-art entertainment programmes, and a comfortable, relaxing flight. He pointed out that Kuwait Airways is committed to providing the most advanced and best services that reflect its dedication to its valued passengers, which has contributed to increased customer satisfaction and an enhanced travel experience. He explained that the company spares no effort in ensuring all means of comfort for its customers. Al-Fagaan concluded his statement by reaffirming Kuwait Airways' commitment to its strategic goal of delivering the highest standards of service quality, expanding its range of services and destinations, and offering exceptional travel options that cater to the needs of its valued customers. He expressed his hope that the 'Blue Bird' will continue to soar towards greater excellence and prosperity. Copyright 2025 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store