Latest news with #KuwaitOilCompany
Zawya
a day ago
- Business
- Zawya
Kuwait's KOC eyes green economy with net-zero goal by 2050
KUWAIT CITY - Kuwait Oil Company (KOC) is conducting a comprehensive study on the green economy as part of its efforts to transition to clean energy and support the national goal of achieving net-zero carbon emissions by 2050. Sources told the newspaper that the study focuses on three key areas: the production of green hydrogen using renewable energy, the expansion of carbon capture centers, and the underground storage of carbon dioxide. Sources said this is one of several practical measures that KOC is pursuing to align its operations with global sustainability targets. In a related development, the Board of Directors of the Central Agency for Public Tenders (CAPT) has approved the request of KOC to cancel three tenders related to the supply of electrical power for industrial lift pumps and remote vertical manifolds in the southern and eastern parts of the country. The cancelled tenders were originally intended for the construction of power stations in zones 6, 10 and 12 (first tender); zones 8 and 13 (second tender); and zones 7, 9, and 11 (third tender). The cancellations were made under Article 55, Clause Seven of Public Tenders Law No. 49/2016. Sources indicated that this decision reflects the broader policy of Kuwait Petroleum Corporation (KPC) to rationalize expenditure and reduce operating costs, particularly given that many of the lift pumps currently rely on diesel-powered engines. 'The move also aligns with environmental goals to reduce carbon emissions across the oil sector,' sources added. Despite the cancellation of these tenders, KOC continues to modernize operations and improve production efficiency through the adoption of advanced global technologies. The company is also intensifying its development drilling program and accelerating the rehabilitation of idle oil wells. Notably, the percentage of idle wells was reduced from 14 percent to five percent over the past year, with approximately 2,107 wells repaired in 2024. This added an estimated 10,000 new wells and current oil production is averaging around 1,000 barrels per day. KOC officials have confirmed ongoing efforts to expand renewable energy integration into its operations. Hani Al-Saqabi, a renewable energy specialist at KOC, informed the newspaper that the company has long embraced scientific methods to boost production and reduce energy costs. He highlighted KOC's early adoption of renewable energy initiatives, including the launch of the Sidra 500 solar project in 2017—one of the region's pioneering ventures in clean energy. Ali Al-Harz, Chief Engineer of Technology Management at KOC, added that the company is actively pursuing multiple initiatives focused on solar and wind energy. He emphasized KOC's commitment to achieve net-zero emissions by 2050, stressing that the company is studying several pathways to ensure the amount of carbon emitted is offset by the amount captured or stored through clean energy technologies. 'These efforts position KOC at the forefront of the energy transition efforts of the country, as it seeks to balance traditional oil production with sustainability and environmental responsibility,' he added.
Arab Times
2 days ago
- Business
- Arab Times
KOC eyes green economy with net-zero goal by 2050
KUWAIT CITY, June 26: Kuwait Oil Company (KOC) is conducting a comprehensive study on the green economy as part of its efforts to transition to clean energy and support the national goal of achieving net-zero carbon emissions by 2050. Sources told the newspaper that the study focuses on three key areas: the production of green hydrogen using renewable energy, the expansion of carbon capture centers, and the underground storage of carbon dioxide. Sources said this is one of several practical measures that KOC is pursuing to align its operations with global sustainability targets. In a related development, the Board of Directors of the Central Agency for Public Tenders (CAPT) has approved the request of KOC to cancel three tenders related to the supply of electrical power for industrial lift pumps and remote vertical manifolds in the southern and eastern parts of the country. The cancelled tenders were originally intended for the construction of power stations in zones 6, 10 and 12 (first tender); zones 8 and 13 (second tender); and zones 7, 9, and 11 (third tender). The cancellations were made under Article 55, Clause Seven of Public Tenders Law No. 49/2016. Sources indicated that this decision reflects the broader policy of Kuwait Petroleum Corporation (KPC) to rationalize expenditure and reduce operating costs, particularly given that many of the lift pumps currently rely on diesel-powered engines. 'The move also aligns with environmental goals to reduce carbon emissions across the oil sector,' sources added. Despite the cancellation of these tenders, KOC continues to modernize operations and improve production efficiency through the adoption of advanced global technologies. The company is also intensifying its development drilling program and accelerating the rehabilitation of idle oil wells. Notably, the percentage of idle wells was reduced from 14 percent to five percent over the past year, with approximately 2,107 wells repaired in 2024. This added an estimated 10,000 new wells and current oil production is averaging around 1,000 barrels per day. KOC officials have confirmed ongoing efforts to expand renewable energy integration into its operations. Hani Al-Saqabi, a renewable energy specialist at KOC, informed the newspaper that the company has long embraced scientific methods to boost production and reduce energy costs. He highlighted KOC's early adoption of renewable energy initiatives, including the launch of the Sidra 500 solar project in 2017—one of the region's pioneering ventures in clean energy. Ali Al-Harz, Chief Engineer of Technology Management at KOC, added that the company is actively pursuing multiple initiatives focused on solar and wind energy. He emphasized KOC's commitment to achieve net-zero emissions by 2050, stressing that the company is studying several pathways to ensure the amount of carbon emitted is offset by the amount captured or stored through clean energy technologies. 'These efforts position KOC at the forefront of the energy transition efforts of the country, as it seeks to balance traditional oil production with sustainability and environmental responsibility,' he added.
Arab Times
4 days ago
- Business
- Arab Times
Kuwait stresses urgent need to conserve electricity and water
KUWAIT CITY, June 24: Ahmadi Governor Sheikh Humoud Jaber Al-Ahmad Al-Sabah emphasized on Tuesday the critical importance of rationalizing electricity and water consumption, calling it both a national duty and an urgent necessity to preserve Kuwait's natural resources for future generations. Speaking during his sponsorship and attendance of the symposium 'Towards Sustainability... Save,' organized in cooperation with the Kuwait Oil Company (KOC) and the Ministry of Electricity, Water and Renewable Energy, the Governor stated that Kuwait, under its wise leadership and strategic vision, is steadily progressing toward a more sustainable future encompassing environmental, economic, and social dimensions. "Rationalizing electricity and water consumption is no longer an option — it is a national responsibility essential to ensuring the sustainability of resources," Sheikh Humoud said. The symposium addressed one of the most pressing issues facing the country: the responsible use of energy resources amid accelerating environmental and economic challenges globally. The Governor called on all state entities to work together in promoting a culture of conservation and to raise public awareness about the optimal use of energy. Highlighting that Kuwait has one of the highest per capita electricity consumption rates, he pointed to recent load rates exceeding 17,000 megawatts, which, he warned, requires urgent collective action by both institutions and individuals. He noted that achieving sustainability is not solely dependent on technological advancements, but also on personal behaviors and daily lifestyle choices. 'Adopting a mindful approach to energy use and respecting environmental limits must be part of our national consciousness,' he said. Sheikh Humoud stressed the need for continued commitment to reducing energy consumption, aligning with the country's broader environmental and economic goals under the leadership of His Highness the Amir Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah and His Highness the Crown Prince Sheikh Sabah Khaled Al-Hamad Al-Sabah. He also commended the efforts of participating agencies in the symposium for their role in promoting rational consumption and preserving Kuwait's natural wealth. In a related statement, Undersecretary of the Ministry of Electricity, Water and Renewable Energy and Chairman of the Electricity and Water Consumption Rationalization Committee, Dr. Adel Al-Zamel, underscored the importance of changing consumption patterns within society. Dr. Al-Zamel explained that the purpose of intensified awareness seminars such as 'Towards Sustainability... Save' is to educate citizens on energy conservation throughout the year — not just during the summer months. 'A small change in consumption can have lasting benefits for current and future generations,' he noted. He added that current summer consumption indicators are encouraging and that data will be analyzed to assess the effectiveness of the awareness campaign. He reiterated the ministry's commitment, alongside the Ahmadi Governorate, KOC, and other public and private bodies, to fostering a culture of conservation in Kuwait. The symposium featured two panel discussions, focusing on the future of renewable energy and its impact on quality of life. It also highlighted the 'Sustainable Energy for a More Beautiful Future' initiative, which aims to instill sustainability and conservation values in school students.
Zawya
4 days ago
- Business
- Zawya
Kuwait's KOC extends major tender to expand southern oil capacity
KUWAIT CITY - The Central Agency for Public Tenders (CAPT) has extended the deadline for bids on a significant Kuwait Oil Company (KOC) tender. This tender, which includes the construction and installation of the third Oil Separation Gathering Center and third Water Injection Station in South Kuwait, is now due on July 22 instead of June 22. Sources told the newspaper that this tender is a strategic component of KOC's broader initiative to develop oil fields in the southern part of the country. They said this development is crucial due to the abundant oil reserves in the South, and the need for enhancements to ensure sustained and increased production. The southern region houses Kuwait's most vital and largest oil fields, including the second-largest field in the world -- Burgan, along with its associated fields like Maqwa and Al- Ahmadi, as well as the Managish and Umm Qadir fields. Additionally, the Al-Julaia offshore field, discovered in January 2025, is situated in the South. It boasts of estimated reserves of approximately 800 million barrels of medium-density oil and 600 billion cubic feet of associated gas. KOC's objective in building the third water injection station is to boost its production capacity in the southern region. Water injection is a key technique that significantly aids oil extraction from reservoirs, utilizing high-pressure technologies to seal any voids in wells. Sources confirmed that KOC intends to implement the Gathering and Separation Center 3 and the Water Injection Station 3 to connect the company's oil fields through an extensive network. 'This network will facilitate the feeding of oil from the gathering centers, ensuring that processing operations are carried out in a consistent and nearly uniform manner, especially with the interconnected wells,' they added. The company intends to issue several major tenders throughout 2025 to increase the production capacity of all oil and gas fields, including those in the northern regions. Production enhancement in the northern fields is being achieved through the agreements that KOC reached with international companies. Despite a decline in production in recent years, the Burgan field remains robust and continues to be one of the world's richest oil fields. Kuwait will depend on it for many years to come. KOC is working diligently to restore full production to its previous level of around 2.4 million barrels per day, an increase from its current production of approximately 1.7 million barrels per day.
Zawya
5 days ago
- Business
- Zawya
Kuwait invites bids for giant oilfield on July 22
Kuwait has extended a deadline for submitting bids for the development of one of the world's largest oil fields from 22 June to 22 July, press reports have said. The project involves water injection in Burgan oilfield and other fields in South Kuwait, where most of the country's oil and gas resources are located. The Central Agency for Public Tenders (CAPT) had earlier approved a request by the state-owned Kuwait Oil Company (KOC) for the submission of bids on 22 June. 'CAPT has now extended the deadline for companies to bid for this project to 22 July,' the Arabic language daily Alseyassah said, citing KOC sources. The paper did not mention project cost estimates but said it involves increasing oil and gas production in the Southern region. The 780-square kilometre Burgan field contains around 70 billion barrels of extractable crude oil, nearly two-thirds of the Gulf emirate's oil reserves of about 101 billion barrels. Burgan is the world's second largest oilfield after Saudi Arabia's Ghawar. The field in southeast Kuwait was pumping more than 2 million barrels per day (bpd) before falling to around 1.7 million bpd due to ageing. (Writing by Nadim Kawach; Editing by Anoop Menon) ( Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.
