Kuwait Oil Company commits $3.9b to exploration through 2030

Since July 2024, KOC has announced three significant offshore oil and gas discoveries and Al-Mulla said the company has achieved a 100 per cent success rate in its first offshore exploration phase so far, which involved drilling six wells.

It will be followed by 18 more wells in the second phase and the company expects to reach offshore production capacity of around 150,000 bpd by 2035. That, however, was "likely to rise after recent promising offshore discoveries", Al-Mulla said.

(Reporting By Ahmed Hagagy Editing by Tomasz Janowski)