Kuwait Oil Company to invest $3.9bn in exploration drilling programme by 2030

Investment Plans - Kuwait Oil Company (KOC) plans to allocate Kd1.2 billion to its exploration drilling program through to 2030, as part of a broader investment of Kd9.8 billion aimed at drilling and maintaining up to 6,193 wells by the end of the decade [1] - The investment aligns with Kuwait's objective to increase oil production capacity to 4 million barrels per day (mbbl/d) by 2035, with KOC projected to contribute 3.65 mbbl/d towards this target [2][3] Production Capacity - Kuwait's current crude oil production capacity is assessed at 3.2 mbbl/d, the highest in over a decade, with plans to maintain this level until 2040 [2][3] - KOC aims to achieve an offshore production capacity of around 150,000 barrels per day by 2035, with expectations of increases following recent promising offshore discoveries [5] Technological Advancements - KOC is utilizing modern technology, including AI tools, to make deeper, less accessible reservoirs economically viable, exemplified by the Mutriba field which began production decades after its discovery [4] - The company has achieved a 100% success rate in its first offshore exploration phase, which involved drilling six wells [4] Natural Gas Discoveries - KOC recently announced a new natural gas discovery in the Al-Jazah offshore natural gas field, with initial tests indicating production exceeding 29 million cubic feet per day [5]