Kuwait Oil Company (KOC) is struggling to prevent continued crude oil production capacity declines, notching up a third successive slump for 2020-21. KOC’s latest annual report for the year to 31 March 2021 shows that capacity dropped by 177,000 b/d to a 12-year low of just 2.63mn b/d, a far cry from the state firm’s 2020 target of 3.10mn b/d (see chart 1).
Kuwait Oil Company Capacity Slumps To 12-Year Low
KOC production capacity has dropped by more than 500,000 b/d over the past three years to just 2.63mn b/d for 2020-21. With KOC providing the bulk of Kuwaiti output, reversing these losses, and then some, is essential if the emirate is to achieve lofty ambitions of boosting capacity to 3.5mn b/d by 2025.
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IN THIS ARTICLE
Charts
1: KOC Crude Oil Production Sank To A 12-Year Low For 2020-21, Well Below The 2020 Target (mn b/d)
2: KOC Development Wells Drilled: Activity Picked Up In 2020-21 But Remains Well Below The 2017-18 Peak When Heavy Oil Drilling Drove All-Time Highs
3: KOC Production By Asset: 2015-16 Vs 2020-21 (mn b/d)
Maps
Kuwait Oil & Gas Fields And Infrastructure
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