Kuwait Gulf Oil Company (KGOC) is a Kuwaiti closed stock company fully owned by the Kuwaiti Petroleum Corporation (KPC). It was established on February 2, 2002, to undertake the control of interest of the State of Kuwait in the offshore area adjacent to the divided zone between it and the Kingdom of Saudi Arabia after the termination of the concession agreement between The State of Kuwait and the Arabian Oil Company (AOC) on January 4, 2003.
Right from the very beginning of the new company's operations, KGOC was keen to maintain the stability of its employees; therefore, it maintained all of the rights and privileges they gained throughout their years of service at AOC, and granted them additional benefits. This actually assured and afforded them with more confidence and motivated them to exert more efforts.
Objectives of the KGOC
- To undertake all activities related to prospecting and drilling for oil and gas, developing oil fields and producing oil and gas for export.
- To undertake all activities related to refineries operations, reproducing the refined products, in the form of industrial compounds, and transporting, storing, exporting and distributing the subject products.
- Marketing and selling Kuwait portion of gas and oil either in the form of crude oil or as industrial compounds and derivatives.
- Safeguarding the interest of the Sate of Kuwait of the joint operations revenues in order to exploit the hydrocarbon natural resources.