Kuwait Oil Company (KOC) is pressing ahead with a strategy aimed at reducing spending while improving efficiency across its operations, according to local reports.
Some sources indicate that the company is looking to increase profits in the coming years as part of a broader plan that could also support higher oil and gas production in the near term.
An official document highlighted that KOC is prioritising better management of costs and work processes, with a particular focus on improving efficiency and monitoring expenditure more closely.
As part of this effort, the company has launched a series of initiatives to manage capital spending on drilling activities. These measures are expected to save around KD one billion over the next five years. The moves include refining the way capital expenses are estimated and tightening controls across drilling projects.
KOC’s actions have already contributed to quicker project delivery, stronger competitiveness and improved service quality, the document explained. The review of well designs, including drilling pipes and other technical elements linked to deep well drilling, is forecast to save nearly KD 430 million. A further KD 365 million in savings is projected over the next five years by adjusting the estimated costs for new wells using historical data and average drilling durations.
In addition, savings of about KD 180 million are expected through revising maintenance budgets, comparing projections with actual spending, and optimising planned drilling days. Taken together, the total estimated savings amount to roughly KD 975 million, alongside KD 208 million already saved by KOC last year.
Separately, Kuwait Petroleum Corporation (KPC) confirmed that it has awarded a tender for Redwood interface evaluation and conversion services on the Oracle Cloud platform to Arab Computer Services Company (AIMS), valued at KD 51,800. The company submitted the lowest bid that met all technical criteria.
