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Kuwait Oil Company reveals US$4 billion profit

Industry

The Kuwait Oil Company (KOC) has announced it has made a total of US$4bn profit for 2013-14

The state-owned company did not disclose any additional financial details for the fiscal year ending on 31 March.

According to KOC, it will increase crude oil production and stimulate production from the Jurassic gas fields in northern Kuwait, with an expected capacity of 1bn cubic feet of non-associated gas.

The company will set-up heavy oil wells in the north and increase onshore and offshore exploration using new technologies, it said.

KOC also stated it will diversify crude oil exports to normal crude, heavy oil and light oil.

At the start of the month the government entered US$12bn worth of contracts with three international consortia to upgrade two refineries, and also attracted bids to construct a new facility worth US$15bn.

Kuwait’s oil production comes mainly from mature fields within the huge Burgan field in the south of the country, KOC chief executive Hashem stated.

The country's current capacity is around 3.25 million bpd, with KOC’s contribution totalling an estimated 3mn bpd, Hashem revealed.

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