Kuwait Oil Company

Mission

“The Mission of the Kuwait Oil Company is to explore, develop and produce to marketable quality the hydrocarbon resources in the State of Kuwait, (excluding the onshore Divided Zone).

We will safeguard our people and the environment. Our business will be conducted in accordance with government policy, good reservoir management practice, and by using the most efficient and economic means available.” 

The underlying theme of our Vision is “Unlocking The Potential Of KOC.” This targets all aspects of our potential from Kuwait’s hydrocarbon resources to unlocking the potential that exists within our people.

The word “values” denotes the principles that are core to the business entity. Our proposed values are consistent with and support the changes that the new strategic directions call for – not only in the area of production capacity growth but also in the business model that KPC has established. These values are based on and integrate the desired attributes that KPC has established, the values that KOC adopted in the 1995 Strategy and KOC’s “OPEN” (Openness, People, Empowerment, Networking) change vision. This suite of values, which represent KOC’s direction and aspirations for the future.

The following objectives are important to the success of KOC’s growth theme:

Objective 1 - Production Capacity:

Develop Kuwait’s hydrocarbon reserves, infrastructure and operational capability to best meet market opportunities while giving emphasis to the more technically challenging reserves in North and West Kuwait and maintaining South and East Kuwait production capacity.

Rationale: Given the forecasted demand scenarios, Kuwait must increase its production capacity to maintain market share.

   
Maximize reserves using a value-driven process, which includes exploration, integrated reservoir evaluation and enhanced technology to ultimately increase future development opportunities and reduce both economic risk and technical uncertainty.

Rationale: Reserves additions contribute to sustained production capacity.

Maximize the exploration, development and production of economic non-associated gas resources.

Rationale: Kuwait is in need of non-associated gas resources to meet its energy requirements. Furthermore, this would provide an environmentally friendlier source of energy. KOC needs to discover and exploit economic local non-associated gas to reduce dependency on gas imports.

KOC commits to ensure the health and safety of its people and to protect the environment through strict adherence to its own policies and procedures and by complying with all local regulations. KOC will instill a corporate culture where all KOC employees, contractors, stakeholders and the community see HSE as their personal responsibility and where management provides both HSE leadership and commitment.

Rationale: Good business is conducted through a good HSE policy. The company should ensure that employees’ work environment is safe and healthy and that the community believes in the company’s commitment towards keeping the environment clean.

Be an early adopter of new relevant technologies, that have proven successful elsewhere, to its core and support businesses. Sponsor new research and development projects that can positively impact its business.

Rationale: KOC must focus on applying relevant technologies and methods that are both new and proven in order to effectively develop its more difficult reserves in support of its production objective.

Develop a skilled, competent, and motivated workforce with the maximum appropriate level of Kuwaitization that is appropriately rewarded and led by an innovative management team empowered to produce, in a profit focused manner, a highly dynamic organization which will deliver the company’s strategic aspirations.

Rationale: Management leadership and employee skills are critical elements to the successful creation of an evolving organization that is well respected publicly.

Seek to be a performance-based and customer-focused organization, which includes improving its core business services and detaching (creating new KOC/KPC companies or outsourcing to private vendors) from KOC other services that are both non-core and can be more efficiently executed as separate businesses. Move contracting and tendering processes from primarily a low cost focus to business processes that are more value focused to give equal weight to low cost, best quality, best timing, and maximum flexibility.

Rationale: A key difficulty in achieving the 1995 Strategy was related to project slippage and inefficient project management. KOC will be better geared to reach its objectives through the reduction of cycle-time, the improvement of project management, the streamlining of processes and usage of e-business within its core business that leads to becoming a customer-focused organization.

Top