The Kuwait oil company (KOC) intends to invest 1.2 billion dinars ($3.92 billion) in its exploration drilling program up to the year 2030, its senior Executive reported in an interview with Reuters.
According to Deputy CEO for Exploration and Drilling Khaled Al-Mulla, the expenditure is included in a 9.8-billion-dinar budget, one of the largest in the history of the company, which will be used in drilling and maintenance of up to 6,193 wells by the close of this decade.
The spending plan indicates the attempt of the OPEC producer to ensure that in 2035, it increases its oil output to 4 million barrels per day and sustains it up to 2040 at the announced level of 3.2 million bpd last month.
Kuwait Oil Company is set to contribute 3.65 million bpd of that capacity, where the rest is contributed by a common zone with Saudi Arabia.
He also stated that modern technology, involving AI tools, made less accessible reservoirs economically viable.
Similarly, the Mutriba field in northwest Kuwait started its production in 2025, several decades after it was discovered.
KOC has announced three major offshore oil and gas discoveries since July 2024, and Al-Mulla said that the company has recorded a 100 percent success rate in offshore exploration that has thus far involved six wells being drilled.
This will be followed by 18 additional wells in the second phase, and the company anticipates reaching 150,000 bpd offshore production capacity by 2035.
He further added that, however, it was “likely to rise after recent promising offshore discoveries.”
