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The Kuwait Oil Company Limited was established in 1934 by the Anglo-Iranian Oil Company, now known as the British Petroleum Company (BP), and the Gulf Oil Company, now known as the Chevron Company.In 2005, premium light crude oil was discovered in the Sabriya field.
The Kuwait Oil Company Limited was established in 1934 by the Anglo-Iranian Oil Company, now known as the British Petroleum Company (BP), and the Gulf Oil Company, now known as the Chevron Company. The company's activities since its inception have included exploration, onshore and offshore surveys, drilling experimental wells, developing productive wells, in addition to exploration for crude oil and natural gas.
In 1938, oil was found in commercial quantities in the Burgan field. In June 1946, the late Emir of Kuwait, His Highness Sheikh Ahmad Al-Jaber Al-Sabah, inaugurated the export of Kuwait to the first shipment of crude oil. Soon after, new fields were developed, and export facilities were expanded, resulting in the construction of the north and south berths, an artificial island, and a single floating berth.
In 1975, the Kuwait Oil Company became 100% owned by the Kuwaiti government, while the Kuwait Petroleum Corporation was established in 1980 to include all state-owned oil companies.
The Iraqi invasion of 1990 destroyed the company's facilities, but within months after the liberation of Kuwait in February 1991, production gradually returned to its full capacity.
In 2005, premium light crude oil was discovered in the Sabriya field. The discovery of API 52 crude oil, according to American Petroleum Institute specifications, was a quantum leap for the company's exploration capabilities.
And in 2006, gas was discovered in the deep Jurassic reservoirs in Al-Rahya, Mutaba, Umm Naqah and other fields all over Kuwait. These discoveries fulfilled Kuwait’s long-standing dream of becoming self-sufficient in the field of gas that could be used to generate energy.
In 2011, the company succeeded in achieving its goal of reducing gas flaring to nearly 1%. In comparison to gas flaring levels recorded at 17% a few years ago, which was a major achievement for the Kuwait Oil Company.
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