Kuwait’s oil sector said that the nation’s energy companies have achieved unprecedented high profits margins of KD 2.6 billion (USD 8.4 billion) for the fiscal year to year 2022/2023 given credit to soon operation of the nation’s world biggest refinery and the exceptional feats of the experienced staff.

According to a news source Zawya, The disclosure were made by Kuwait Petroleum Corporation (KPC) CEO Sheikh Nawaf Saud Al-Sabah in a speech on Wednesday, during the annual meeting of senior oil sector officials, organized by the Petrochemical Industries Company.

KPC is following international standards in the field in training and preparing young employees to develop their skills, he said.

“One of the prominent achievements of the oil sector is fully operating Al-Zour Refinery, producing 615,000 barrels a day, which is one of the biggest refineries in the world. The other one is fully operating Duqm Refinery with a capacity of 230,000 barrels a day, the biggest joint-GCC oil project,” Sheikh Nawaf Saud Al-Sabah, CEO KPC, said.

“KPC is following international standards in the field in training and preparing young employees to develop their skills, “he added.

Sheikh Nawaf Al-Sabah also said that KPC is one of the pioneers in supervising projects and creating global partnerships, leading the company to gain profits worth KD 1.7 billion (USD 5.5 billion) in the past ten years.

On her part, CEO of the Petrochemical Industries Company Nadia Al-Hajji said the event is a chance to celebrate the oil sector’s 2022 achievements, despite the many challenges in the field, posed by the global economic and political crises.

She affirmed the need to execute strategic initiatives on sustainability, turning to renewable energy, protecting the environment, digitalization and encouraging innovation.

The meeting focuses on discussing the previous year’s achievements and the upcoming years goals, with the aim of achieving the oil sector’s 2040 strategy.

KPC maiden offshore drilling operations end in 2026

Kuwait Oil Company’s first offshore exploratory and drilling operations for oil and gas are expected to end in 2026, the state-owned firm’s chief geologist said and reported by  (Reuters)

But the timeline “depends on the progress of operations at sea,” Kuwait Oil Company’s Ahmed Al-Otaibi told reporters during a briefing at the Kuwaiti oil ministry on Wednesday.

If drilling is successful, new production could begin and potentially boost Kuwait’s oil and gas output.

Kuwait began exploring offshore as it invests to meet future oil demand and received its first offshore rig in mid-2022, Kuwait Petroleum Corporation Chief Executive Sheikh Nawaf Saud al-Sabah told Reuters in June last year. Kuwait Petroleum Corporation is Kuwait Oil Company’s parent.

The operations, in an area of Kuwaiti waters about a third the size of Kuwait’s land area, began last year and are expected to take four years, Al-Otaibi said.

The firm will drill six offshore wells in the exploratory area of 6,000 square kilometres.