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KOC Plans to Invest $3.9 Billion into New Drilling Program Through 2030

Oil and Gas

Business Honor - KOC to Invest $3.9B in Drilling by 2030

Business Honor
30 October, 2025

KOC is driving Kuwait's future by investing 1.2 billion dinars in exploration to secure its 2030 production targets.

Kuwait Oil Company (KOC) plans to allocate 1.2 billion Dinars ($3.92 billion) towards a new exploration drilling program through 2030, according to the Deputy CEO for Exploration. This investment is part of KOC’s historic budget of 9.8 billion Dinars to drill and maintain up to 6,193 wells by the end of the decade. The budget highlights Kuwait’s goal to increase its oil production capacity to 4 million barrels per day (bpd) by 2035 and sustain that capacity through 2040. This expansion of exploration on this scale illustrates KOC's commitment to continue to support a national energy and utility strategy and increase offshore capability.

Out of this capacity, 3.65 million bpd will come from KOC's operations with the rest produced from the shared zone with Saudi Arabia. Al-Mulla said that today oil companies utilize the latest technology and AI tools to drill deeper and even more complex reservoirs, citing the Mutriba field in northwest Kuwait. The Mutriba field began production in 2025, nearly 60 years after it was discovered.

KOC believes the offshore oil production could achieve a level of 150,000 bpd by 2035, and Al-Mulla contended it could be higher based on current exploration and technology expansion outcomes. KOC has made three significant offshore oil and gas discoveries since the second half of 2024 and also achieved a 100% success rate on its first offshore drilling of 6 wells, with plans to proceed with a second phase with 18 more wells. This expansion maintains Kuwait's position as a world leader in OPEC and world oil production.