- A jump in the company’s assets to 16.4 billion dinars, a growth of 16% by the end of the last fiscal year
- 3.2 billion dinars, the company’s revenues last year, and 396.5 million dinars profits
Between increasing challenges and unceasing ambitions, Kuwait Oil Company is steadily moving towards achieving the 2040 strategy aimed at developing crude oil and gas production, as the company’s capital programs to implement major projects amount to 7.7 billion dinars, and this program includes establishing and operating more than 600 capital projects ( Current and future).
In this context, a responsible oil source revealed to Al-Anbaa that the Kuwait Oil Company’s commitments related to future capital spending related to fixed-value contracts and purchase orders witnessed a large jump by 9% to reach 1.5 billion dinars, compared to 1.3 billion dinars in the previous fiscal year.
The source said that the total assets of the company also witnessed a significant growth of 16% to reach 16.4 billion dinars, compared to about 14 billion dinars, in order to increase the capital work in progress currently being implemented by the company, amounting to 7.7 billion dinars, in addition to the clause of collecting and pumping gas, which witnessed a big boom recently to record about One billion dinars.
He stated that the company succeeded last year in achieving a production capacity of about 2.806 million barrels of oil per day, and the rate of non-associated gas production reached 490 million cubic feet of gas per day, and the company was able to drill 383 new wells for crude oil and non-associated gas in all fields of the company, and it reached The number of drilling and well repair towers reached 148 (80 drilling and 68 drilling wells).
He mentioned that the costs of drilling and exploration under implementation in the company amount to about 40 million dinars, and the total number of wells that were drilled specifically for oil production, which do not include non-associated gas, reached 356 new wells, and more than a thousand work has been accomplished to repair oil wells.
Kuwait Oil Company is looking forward to continuing the implementation of production increase projects such as the assembly center in North Kuwait 31, in order to contribute to raising the production capacity of the North region, and also the company is looking forward to continuing the implementation of the construction work for the 32 assembly center in the southern and eastern Kuwait operations area. To be completed in the fiscal year 2020/2021 to deal with sour oil production from Managish reservoir in Burgan Field
He added that the company has developed programs for projects related to preserving the current production capacity, such as developing fields in the West Kuwait area for water injection and a center for collecting crude oil to maintain production capacity in the West Kuwait region, indicating that the company is also undertaking projects related to increasing the production capacity of oil and gas through Executing an intensive exploration program aimed at replacing the production quantities of oil and gas and developing current reserves.
When looking at the property of the Kuwait Oil Company, we find that it witnessed a big jump to reach 14.4 billion dinars, as the oil, gas and general purpose item scored 5.5 billion dinars.
Revenue from Kuwait Oil
The company achieved revenues of 3.2 billion dinars by the end of the last fiscal year 2019/2020, noting that the company’s production cost amounted to 1.7 billion dinars, and the company achieved operating profits of 1.4 billion dinars, while the net profit transferred to the parent company was 396.5 million dinars.
He stated that the company is pouring all its efforts and endeavors into achieving its strategic goal by 2040, of which it is concerned with achieving sustainable production capacity from non-associated gas.
In this regard, the rate of total daily production of associated gas and non-associated gas at the end of last year reached 1.928 billion cubic feet of gas per day, and the average daily production of non-associated gas reached 490 million cubic feet per day, compared to the previous year 444 million cubic feet per day.
This increase is due to several reasons, the most important of which is the improvement of facility closures for maintenance, which led to the increase in the available production periods, the improvement of the facilities’ operations, which led to an increase in their production capacity, in addition to an increase in the number of operations to improve the performance of wells, which increased their production rates.
He thanked the fact that 27 deep wells had been drilled to reach the target quantity of non-associated gas and to implement the company’s exploration program. In addition, 55 work had been completed to repair wells producing non-associated gas.
He stated that the most important characteristic of the Kuwaiti oil industry is that it is integrated, as it includes a series of stages that depend on each other, starting from the stage of research, exploration and exploration, then the stage of production, the stage of refining and manufacturing, up to the stages of marketing, sale and transport. On the value of the actual expenditure on operation and maintenance contracts, the source said that it amounts to about 445.3 million dinars.