Latest news with #KuwaitOilCompany
Zawya
24 minutes ago
- Business
- Zawya
Kuwait Petroleum annual profit slips 5.8% on lower crude prices
KUWAIT: State-owned Kuwait Petroleum Corporation posted a net profit of 1.366 billion dinars ($4.47 billion) for the fiscal year ended March 31, down 5.8% year-on-year according to Reuters calculations based on the company's latest annual report. The company and its subsidiaries posted a net profit of 1.450 billion dinars in the previous fiscal year. KPC did not give a reason for the decline, but lower oil prices likely dented returns. The average price of Kuwaiti crude fell 5.5% to $79.70 per barrel during the 2024/25 fiscal year, down from $84.40 a year earlier, according to Kuwait-based financial advisory firm AlShall. Despite the drop in profit, KPC subsidiary Kuwait Oil Company achieved its annual production target for the first time in seven years, with sustainable capacity reaching 2.59 million barrels per day, the report said. Kuwait Oil Company is the country's main crude producer, alongside Kuwait Gulf Oil Company, which operates in the Neutral Zone shared with Saudi Arabia. The report described the production milestone as "a major operational achievement" and noted that heavy crude output reached 95,000 bpd — its highest level since the heavy oil project began in 2020. (Reporting by Ahmed Hagagy. Editing by Yousef Saba and Mark Potter)
Reuters
26 minutes ago
- Business
- Reuters
Kuwait Petroleum annual profit slips 5.8% on lower crude prices
KUWAIT, Aug 1 (Reuters) - State-owned Kuwait Petroleum Corporation posted a net profit of 1.366 billion dinars ($4.47 billion) for the fiscal year ended March 31, down 5.8% year-on-year according to Reuters calculations based on the company's latest annual report. The company and its subsidiaries posted a net profit of 1.450 billion dinars in the previous fiscal year. KPC did not give a reason for the decline, but lower oil prices likely dented returns. The average price of Kuwaiti crude fell 5.5% to $79.70 per barrel during the 2024/25 fiscal year, down from $84.40 a year earlier, according to Kuwait-based financial advisory firm AlShall. Despite the drop in profit, KPC subsidiary Kuwait Oil Company achieved its annual production target for the first time in seven years, with sustainable capacity reaching 2.59 million barrels per day, the report said. Kuwait Oil Company is the country's main crude producer, alongside Kuwait Gulf Oil Company, which operates in the Neutral Zone shared with Saudi Arabia. The report described the production milestone as "a major operational achievement" and noted that heavy crude output reached 95,000 bpd — its highest level since the heavy oil project began in 2020.
Arab Times
01-07-2025
- Business
- Arab Times
Kuwait stresses need for oil sector security amid geopolitical risks
KUWAIT CITY, July 1: Nasser Al-Buhairi, Director of the Health, Safety, and Environment Department at Kuwait Oil Company (KOC), underscored the critical need for comprehensive security preparedness and risk readiness within the oil and gas sector to ensure its continued stability and resilience. Al-Buhairi made these remarks to reporters on the sidelines of a high-level Gulf Cooperation Council (GCC) workshop focused on protecting oil and gas infrastructure and managing crises. The workshop commenced at the Ahmad Al-Jaber Oil and Gas Exhibition in Ahmadi City and is a collaborative effort between the United Nations Office of Counter-Terrorism, Kuwait Oil Company, and the GCC Emergency Management Center. He highlighted that Gulf oil companies are actively enhancing the capabilities and readiness of their personnel and systems to effectively confront potential risks and emergencies. 'The workshop primarily concentrates on the security of oil facilities and the coordinated preparedness of GCC member states,' Al-Buhairi noted, adding that existing plans will be reviewed and improved through the exchange of expertise among the Gulf countries. He emphasized the workshop's significance in addressing the vital role of the regional oil and gas industry and the array of risks it faces amid current geopolitical and economic challenges. Al-Buhairi further stated that the workshop aims to generate key recommendations to boost both scientific knowledge and practical skills within the Gulf oil sector, while also strengthening assurances for global markets regarding the reliable provision of secure energy resources. He described the GCC Emergency Management Center as a cornerstone institution within the Gulf framework, pivotal for sharing expertise and coordinating collective responses to potential threats. Regarding Kuwait's role, Al-Buhairi affirmed the country's commitment to advancing its efforts to safeguard this essential sector. He praised the Kuwait Oil Company's pool of specialized national talent and explained that sector development is pursued through identifying needs, executing strategic plans, and transferring expertise to national personnel. 'The continuous development of this sector is achieved by recognizing its requirements, implementing well-structured plans, and building the capacities of our national workforce,' he concluded.
Zawya
30-06-2025
- Business
- Zawya
Kuwaiti firm wins $45mln oil service deal
A major Kuwaiti engineering company has won a contract to provide maintenance services to oil production facilities in the OPEC member. Heavy engineering industries and shipbuilding company (HEISCO) said in a bourse disclosure statement that the contract was awarded by the state-owned Kuwait Oil Company (KOC), which manages the upstream sector in the Gulf state. The project, awarded after strong competition from other companies, involves 'provision of repair and revamping services for production facilities in North Kuwait,' it said. HEISCO, one of the largest private industrial entities in Kuwait, has been a frequent winner of oil contracts awarded by state oil operators over the past years. Kuwait, a founding OPEC member, has been locked in a massive programme to expand its hydrocarbon industry within a long-term strategy stretching until 2040. Sheikh Nawaf Al-Sabah, CEO of Kuwait Petroleum Corporation (KPC), which manages the country's hydrocarbon industry, said in 2024 that there are plans to invest up to $50 billion in the next five years to expand oil and gas output capacity. (Writing by Nadim Kawach; Editing by Anoop Menon) (
Zawya
27-06-2025
- Business
- Zawya
Kuwait's KOC eyes green economy with net-zero goal by 2050
KUWAIT CITY - Kuwait Oil Company (KOC) is conducting a comprehensive study on the green economy as part of its efforts to transition to clean energy and support the national goal of achieving net-zero carbon emissions by 2050. Sources told the newspaper that the study focuses on three key areas: the production of green hydrogen using renewable energy, the expansion of carbon capture centers, and the underground storage of carbon dioxide. Sources said this is one of several practical measures that KOC is pursuing to align its operations with global sustainability targets. In a related development, the Board of Directors of the Central Agency for Public Tenders (CAPT) has approved the request of KOC to cancel three tenders related to the supply of electrical power for industrial lift pumps and remote vertical manifolds in the southern and eastern parts of the country. The cancelled tenders were originally intended for the construction of power stations in zones 6, 10 and 12 (first tender); zones 8 and 13 (second tender); and zones 7, 9, and 11 (third tender). The cancellations were made under Article 55, Clause Seven of Public Tenders Law No. 49/2016. Sources indicated that this decision reflects the broader policy of Kuwait Petroleum Corporation (KPC) to rationalize expenditure and reduce operating costs, particularly given that many of the lift pumps currently rely on diesel-powered engines. 'The move also aligns with environmental goals to reduce carbon emissions across the oil sector,' sources added. Despite the cancellation of these tenders, KOC continues to modernize operations and improve production efficiency through the adoption of advanced global technologies. The company is also intensifying its development drilling program and accelerating the rehabilitation of idle oil wells. Notably, the percentage of idle wells was reduced from 14 percent to five percent over the past year, with approximately 2,107 wells repaired in 2024. This added an estimated 10,000 new wells and current oil production is averaging around 1,000 barrels per day. KOC officials have confirmed ongoing efforts to expand renewable energy integration into its operations. Hani Al-Saqabi, a renewable energy specialist at KOC, informed the newspaper that the company has long embraced scientific methods to boost production and reduce energy costs. He highlighted KOC's early adoption of renewable energy initiatives, including the launch of the Sidra 500 solar project in 2017—one of the region's pioneering ventures in clean energy. Ali Al-Harz, Chief Engineer of Technology Management at KOC, added that the company is actively pursuing multiple initiatives focused on solar and wind energy. He emphasized KOC's commitment to achieve net-zero emissions by 2050, stressing that the company is studying several pathways to ensure the amount of carbon emitted is offset by the amount captured or stored through clean energy technologies. 'These efforts position KOC at the forefront of the energy transition efforts of the country, as it seeks to balance traditional oil production with sustainability and environmental responsibility,' he added.
