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Tue 22 Apr 2014 11:40 AM

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Kuwait Oil Company reports $4bn profit

State-owned firm says it plans to increase crude oil production, increase exploration

Kuwait Oil Company reports $4bn profit

Kuwait Oil Company has reported a KD1.127bn ($4bn) profit for 2013-14.

The state-owned company did not reveal any other financial details for the fiscal year ending March 31.

CEO Hashem Hashem told state news agency KUNA KOC would increase crude oil production and develop the Jurassic gas fields in northern Kuwait, with an expected capacity of 1bn cubic feet of non-associated gas.

The company also would develop heavy oil wells in the north and increase onshore and offshore explorations using new state-of-the-art technologies.

KOC planned to diversify crude oil exports to normal crude, heavy oil and light oil. Kuwait currently only exports crude oil.

Kuwait produces about 930,000 barrels of oil per day and earlier this month the government signed $12bn worth of contracts with three international consortia to upgrade two refineries, and also invited bids to build a new facility, worth an estimated $15bn.

It aims to increase its output to 1.4m bpd.

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