Kuwait City, Kuwait–The Kuwait Petroleum Corporation (KPC) and its subsidiaries have posted $8.4 billion in net profits for the fiscal year 2022-2023, ending on March 31.
“These are the highest net profits we achieved in the past ten years,” the corporation’s CEO Sheikh Nawaf Saud Al-Sabah said in a press statement on Sunday.
“The driving factor for this achievement: is the Kuwaiti oil sector’s success in operating new projects which raised output of crude oil and clean, high-quality products that are highly demanded around the world,” he added.
Sheikh Nawaf Saud disclosed that the Kuwait Oil Company and the Kuwait Gulf Oil Company succeeded in increasing Kuwait’s crude oil production capacity by more than 200,000 barrels per day to 2.8 million barrels per day in the same period.
“After more than eight decades of oil and gas production from the mainland of Kuwait, the KOC drilled Kuwait’s first offshore well, as part of a broader KPC’s plan to raise production capacity to four million barrels per day by 2035,” Sheikh Nawaf Saud said.
With regard to global exploration and production, he stated that the Kuwait Foreign Petroleum Exploration Company posted in the same fiscal year the highest net profits since its inception in 1981, amounting to more than one billion US dollars.
The corporation’s CEO added that the local refining capacity of Kuwait surged from 800,000 barrels per day to 1.2 million barrels per day in the FY 2022-2023.
It would climb more to 1.4 million barrels per day with the full operation of the Al-Zour refinery in this quarter of the new fiscal year, he projected.
He pointed out that thanks to its refining expansions and innovations in operation, the Kuwait National Petroleum Company (KNPC) recorded the highest profits in its history this year, hitting KD 1.016 billion (about USD 3.3 billion).
On Kuwait’s overseas refining capacity, Sheikh Nawaf Saud Al-Sabah indicated that the Duqm refinery in the Sultanate of Oman would be fully operational by the end of this year, which would push Kuwait’s refining capacity from joint ventures in Oman, Italy and Vietnam up to over 600,000 barrels per day of Kuwaiti crude oil.