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Kuwait's KOC eyes green economy with net-zero goal by 2050
Kuwait's KOC eyes green economy with net-zero goal by 2050

Zawya

timea 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.

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