Kuwait Oil Company
Oil company based in Ahmadi, Kuwait / From Wikipedia, the free encyclopedia
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Kuwait Oil Company (KOC), an oil company headquartered in Al Ahmadi, Kuwait, is a subsidiary of the Kuwait Petroleum Corporation, a government-owned holding company. Kuwait was the world's 10th largest petroleum and other liquids producer in 2010.[1] The company produced a total of 1.7 million barrels per day.
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Industry | Oil and gas industry |
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Founded | 1934; 90 years ago (1934) |
Headquarters | , |
Area served | Global |
Key people | Ahmad Jaber Al-Eidan (CEO) |
Products | Petroleum Natural gas |
Owner | Government of Kuwait |
Parent | Kuwait Petroleum Corporation |
Website | www |
Kuwait's oil reserves have been nationalized since 1975,[2] with the KOC, established in 1979,[3] holding sole rights to the exploration and production of oil and gas within Kuwait.[4] KOC operations and activities of exploring and producing oil make up nearly 90% of the national budget, which is still highly dependent on oil in its resources.
Kuwait's oil reserves are estimated at 100 billion barrels.[5]