Kuwait Oil Company
Kuwait Oil Company (KOC) was formed in 1934 by the British Petroleum Company and Gulf Oil Corporation, today known as Chevron.
The first exploration well was drilled at Bahrah. In February 1938, oil was discovered at Burgan. Eight more wells were drilled at Burgan during 1938-1942. Operations, however, remained suspended until the end of the Second World War. On June 30, 1946 the first crude oil shipment was exported. Oil was later discovered at Rawdhatain in North Kuwait in 1955 and at Minagish in 1959.
In 1964, KOC took the first steps to exploit natural gas that now provides substantial additional revenue for Kuwait.
In 1974, a participation agreement was ratified by the Kuwait National Assembly giving 60 per cent control of the operations of KOC to the State of Kuwait, the remaining 40 per cent being divided equally between BP and Gulf Oil Corporation. In March 1975, the Kuwaiti Government took over the remaining 40 per cent shares, thus assuming full control of KOC.
During the Iraqi invasion, almost 80 per cent of KOC’s establishments were destroyed. Their restoration in less than four years is a tribute to the Kuwait’s national pride.
Today, KOC’s activities are numerous, including exploration, land and marine surveys, drilling of wildcat wells, production of crude oil, natural gas and other hydrocarbons.