Boursali: "Energy Process" supports Kuwait's targets to increase production
In interviews conducted with CNBC and Bloomberg, Rawaaf Ibrahim Bursali, Vice Chairman of the Board of Directors of Kuwait Petroleum Corporation (KPC), affirmed that national oil companies have demonstrated a high capacity to manage regional challenges, reiterating KPC’s commitment to supporting Kuwait’s ambitions in the energy sector. Bursali praised Kuwait Oil Company’s (KOC) successful and efficient management of its operations throughout the period of regional disruptions, confirming KPC’s continued support for national production plans, including the ambitious plan to raise production capacity to four million barrels per day by 2035.
The Vice Chairman added that the company’s contracted work backlog, which reached a record level of approximately $1.1 billion, provides greater clarity regarding future revenues over the coming years. He explained that approximately 39% of this backlog stems from high-value integrated oilfield services, which are expected to increasingly contribute to the company’s results in the second half of 2026 and early 2027.
Commenting on the Board of Directors’ recommendation for the first interim cash dividend of 3 US cents per share, the Vice Chairman stated: “These dividends reflect the company’s strong financial position and its commitment to achieving sustainable value for shareholders, while continuing to execute a strategy that balances investment in growth with the maintenance of profitability. This enables the company to create long-term value for shareholders while continuing to expand its business.”
On the regional front, Bursali clarified that the company’s expansion beyond Kuwait has moved from the planning stage to the implementation stage, citing its first joint venture with Kellton to implement artificial intelligence solutions for the digitization of well control and monitoring operations. This is accompanied by the opening of the first regional office for the joint venture in Doha during the third quarter of 2026, as a first step in a plan to expand into Gulf Cooperation Council (GCC) markets. This expansion aims to empower energy sector operators in GCC countries to modernize their operations, enhance decision-making quality, and contribute to maximizing the value of their operational assets.
Notably, KPC’s revenues for the first half of 2026 rose by 34.4% to reach KD 18.1 million, while earnings before interest, taxes, depreciation, and amortization (EBITDA) increased by 28.3% to reach KD 9 million. Net profit nearly doubled, rising by 96.6% to KD 4.4 million.
