Kuwaiti Oil Barrel Price :  26.26  -  Date :  27-3-2020

About US

Sheikh Ahmed Al Jaber Al Sabah granted Kuwait Oil Limited Company with the participation of Protol British Company "BP" and American Oil Gulf Company "Gulf Oil" the right of franchise of concessionaire to explore oil in all Kuwait lands and territorial water for 75 year period and this was on 23rd December 1934. However, when the first oil field is discovered in the State of Kuwait in 1933 and specifically at Burgan Area and then, discovery is continued. First shipment of oil was exported in 1946. When Kuwait obtained its independence in the era of Sheikh Abdulla Al Salem Al Sabah, First Ministry was formed which included Ministry of Finance and Economy and such Ministry was looking after oil affairs in that time.

This situation continued until the late His Highness Sheikh Sabah Al Salem Al Sabah took over the emirate of the State of Kuwait at the end of 1965 and he accordingly became the 12th Ruler of the State of Kuwait. His Highness adopted proper policy distinguished by highest wisdom.. His Highness since he took over ruling realized the extent of oil importance upon the life of the country. Then he issued several laws to achieve the actual control and perfect sovereignty over the capabilities and resources of the State...


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Aims & Objectives

OIL Objectives

Proposing the general policy of oil and gas sector in accordance with balanced basis keeping the resources of oil wealth and realizing the best development and exploitation for the resources in a way that secures the development of the State revenues and increase its income...

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Oil Strategy

Startegy Plan

Strategy Plan is available in "PDF" format which can be browsed with Acrobat Reader. Click here to download Acrobat Reader if it is not installed on your system.

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