Top 10 Oil & Gas Companies: Kuwait Petroleum Corp
Kuwait Petroleum Corporation (KPC) is a state-owned entity producing about 7% of the world’s total crude oil.Add bookmark
Top 10 Oil & Gas Companies
Kuwait Petroleum Corporation (KPC) is a state-owned entity producing about 7% of the world’s total crude oil. The company’s diverse business interests across the spectrum encompass all aspects of the hydrocarbon industry, from onshore and offshore upstream exploration through production and refining, marketing, retailing, petrochemicals, as well as, marine transportation.
Originally formed by the Gulf Oil Corporation (presently Chevron Oil) and the Anglo-Persian Oil Company (presently British Petroleum), KPC received in 1934 the first Kuwait Oil Concession Agreement. Kuwait’s first crude oil shipment of 10,567 tons through an offshore pipeline to the British tanker Fusilier enabled the country to join the ranks of the world’s major oil producers.
In 1975, the state signed mutual agreements with the company’s original partners (British Petroleum and Gulf) and progressively increased its shares until full control was achieved and Kuwait Petroleum Corporation was formed in January 1980. An expansionary period followed between 1983 and 1987, with KPC acquiring most of Gulf Oil’s refining operations in Western Europe, in addition to BP’s Danish operations. The international expansion continued in 1992, when KPC began operations in Spain and two years later acquired BP’s Luxembourg assets.
Today, KPC is one the world’s most reliable suppliers of energy and has plans to achieve crude oil production capacities in Kuwait of 4 million barrels per day by 2020.
Key facts and figures
- Crude oil and condensate reserves (billions of barrels): 104
- Revenue: $251 billion
- Crude oil production (daily/millions of barrels): 3.5
- Crude oil exports (1,000 b/d)): 1,964
- 18,571 total workforce
- President and CEO - Nizar Mohammad Al-Adsani