KOC marks 75th aA[degrees]nniversary with major achievements.
Chief executive officer (CEO) of Kuwait Petroleum Corporation (KPC) Saad Al Shuwaib says, that for the Amir Sheikh Sabah Al-Ahmad Al-Sabah to sponsor and attend Kuwait Oil Company's (KOC) 75th anniversary celebrations is proof of the importance of the event and an honour for all oil sector employees.
"As we remember this day of KOC establishment, we proudly remember the sacrifices, dedication, and commitment of many people who knew the meaning of work for this country and future generations," Al Shuwaib says.
"Words cannot describe this long history for KOC in the oil industry sector, education, and technology," Al Shuwaib adds. The CEO notes that history will show how KOC carried on with its responsibilities very successfully, whether in the exploration, development and production sectors.
At the end of the 1920s, Kuwait faced great challenges, like the increase of the production of cultured pearls which affected the price of natural pearls in Kuwait. At this stage, Kuwaitis started to look at the black areas in the deserts, not knowing that they could change Kuwait's future.
Kuwaitis sought the help of the British Petroleum Company, which had at that time discovered oil in Bahrain. KOCs recent publication entitled, Progress and Prosperity, explains that the company was established under a joint ownership agreement between the Anglo-Iranian Oil Company, now known as British Petroleum (BP), the Gulf Oil Corporation (GOC) known today as Chevron and the Kuwaiti government. In 1938, oil was discovered in Burgan well-1.
During the following years, eight exploration and appraisal wells were drilled which established Burgan as one of the largest producing oil fields in the world.
Drilling and production operations, however, were suspended due to the eruption of World War II. After the end of the war in 1945, operations were resumed and the eight drilled wells produced at a rate of 30,000 barrels per day; surface facilities and pipelines were constructed and Kuwait was ready for a new era of prosperity.
The book adds, in June 1946, the late Sheikh Ahmad Al-Jaber, then the Amir of Kuwait, inaugurated the first shipment of oil when he turned the silver wheeled valve to start loading the first flow of oil onto the 12,000 tonne "British fuzilier" tanker.
In 1955, exploration activities continued, leading to the discovery of Raudhatain field in north Kuwait and Minagish field in west Kuwait. In 1974, a partnership was ratified by Kuwait National Assembly giving 60 percent control of the operations and facilities of KOC to the State of Kuwait while remaining 40 per cent were divided equally between BP and GOC. In 1975 the Kuwaiti government assumed full ownership of the firm.
In 1980, Kuwait Petroleum Corporation (KPC) was established by an Amiri decree, KOC was given the responsibility of onshore and offshore exploration, drilling, development, and production of hydrocarbons in the state of Kuwait. Between August 1990 and February 1991, nearly 80 per cent of KOC producing wells, installations and facilities were destroyed in the wake of the Iraqi invasion and 700 oil wells set ablaze.
The first post-liberation shipment of 1.64 million barrels of crude oil left Kuwait in July 1991, by September wells were under construction and crude oil production once again exceeded the two million barrels per day.
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|Publication:||Oil & Gas News|
|Date:||May 29, 2010|
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