Kuwait Oil Company
| Industry | oil and gas industry |
|---|---|
| Founded | 1934 |
| Headquarters | Ahmadi, Kuwait |
|
Key people
|
Hashem Sayed Hashem (CEO) |
| Products | petroleum natural gas |
| Owner | Government of Kuwait |
| Parent | Kuwait Petroleum Corporation |
| Website | www.kockw.com |
The Kuwait Oil Company (KOC) is an oil company headquartered in Ahmadi, Kuwait. It is a subsidiary of the Kuwait Petroleum Corporation, a Government-owned holding company. Kuwait was world's 10th largest petroleum and other liquids producer in 2013, and fifth-largest exporter in terms of volume of crude oil and condensates.[1] The managing director of the company is Hashim Sayd Hashim.[2]
History
The Kuwait Oil Company was founded in 1934 by Anglo-Persian Oil Company and Gulf Oil as an equally owned partnership.[3] The oil concession rights were awarded to the company on 23 December 1934 and the company started drilling operations in 1936.[4][5] First oil was discovered in 1938 in Burgan field, followed by discoveries in Magwa in 1951, Ahmadi in 1952, Raudhatain in 1955, Sabriya in 1957, and Minagish in 1959.[5]
The initial development of the oil industry coincided with the end of the British Raj in India and many British and Indian administrators and engineers transferred from there to Kuwait. The oil town of Ahmadi was set up to house these workers, and was segregated on racial lines. Such segregation continued in the amenities and recreational facilities offered to company employees. Race to a large extent dictated the status of employees and conditions of employment within the company.[6]
When the Royal Navy converted their warships to oil burners instead of coal, the British Government depended on a secure supply of Middle Eastern oil. Figures such as Dame Violet Dickson who lived among the Kuwaitis for 40 years were influential in fostering an excellent relationship with the Kuwaitis. For the mean while, KwIDF is one of the most strategic projects the company participated in to support the oil and gas production in Kuwait.
BP and Gulf were able to obtain the Kuwaiti oil at very favourable terms for sale via their downstream networks in Europe and adjoining areas. During this time, Gulf would claim that it had a "special relationship" with Kuwait. However, all this came to an end in 1975 when the KOC reverted to Kuwaiti ownership.[5]
References
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