Kuwait Oil Company (KOC) was formed in 1934 by the British Petroleum
Company and Gulf Oil Corporation, today known as Chevron.
The first exploration well was drilled at Bahrah. In February
1938, oil was discovered at Burgan. Eight more wells were drilled
at Burgan during 1938-1942. Operations, however, remained suspended
until the end of the Second World War. On June 30, 1946 the first
crude oil shipment was exported. Oil was later discovered at Rawdhatain
in North Kuwait in 1955 and at Minagish in 1959.
In 1964, KOC took the first steps to exploit natural gas that
now provides substantial additional revenue for Kuwait.
In 1974, a participation agreement was ratified by the Kuwait
National Assembly giving 60 per cent control of the operations
of KOC to the State of Kuwait, the remaining 40 per cent being
divided equally between BP and Gulf Oil Corporation. In March
1975, the Kuwaiti Government took over the remaining 40 per cent
shares, thus assuming full control of KOC.
During the Iraqi invasion, almost 80 per cent of KOCs establishments
were destroyed. Their restoration in less than four years is a
tribute to the Kuwaits national pride.
Today, KOCs activities are numerous, including exploration,
land and marine surveys, drilling of wildcat wells, production
of crude oil, natural gas and other hydrocarbons.
For more information, visit www.kockw.com
|