Kuwait Oil Company Plans $3.92 Billion Exploration Drilling Program Through 2030

Kuwait Oil Company Plans $3.92 Billion Exploration Drilling Program Through 2030

Kuwait Oil Company (KOC) is set to invest 1.2 billion Kuwaiti dinars ($3.92 billion) in its exploration drilling program through 2030, according to Khaled Al-Mulla, Deputy CEO for Exploration and Drilling, in a recent interview with Reuters.

The investment is part of KOC’s largest-ever budget of 9.8 billion dinars, allocated for drilling and maintenance of up to 6,193 wells by the end of the decade.

Expanding Oil Production Capacity

The spending plan aligns with Kuwait’s strategy to increase oil production capacity to 4 million barrels per day (bpd) by 2035 and maintain it until 2040. KOC is expected to contribute 3.65 million bpd, with the remaining capacity coming from the shared zone with Saudi Arabia.

Al-Mulla emphasized that modern technologies, including AI tools, have made deeper and less accessible reservoirs economically viable. For instance, the Mutriba field in northwest Kuwait began production in 2025, decades after its initial discovery.

Offshore Exploration Success

Since July 2024, KOC has announced three major offshore oil and gas discoveries. Al-Mulla reported a 100% success rate in the first offshore exploration phase, which included six wells.

The second phase will include 18 more wells, targeting an offshore production capacity of around 150,000 bpd by 2035, with potential for further increase following recent promising discoveries.