Kuwait Energy Articles & Analysis

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Chapter | Energy from The Report: Kuwait 2016

A founding member of the Organisation of the Petroleum Exporting Countries, Kuwait and other members together hold over 80% of the world’s proven oil reserves, of which Kuwait has 101.5bn barrels, or 6%. After the Second World War its role in newly global energy markets gradually increased, with production growing to 1m by 1955. Following independence in 1961, the country spent two decades...

The fall in oil prices led to significantly reduced government revenues for Kuwait in 2015. Despite this the country’s 2016 spending remained largely in line with previous years as the government opted to draw on its considerable financial buffers to help make up for budgetary shortfalls.

The government’s recent decision to make cuts to Kuwait’s petrol subsidy system is expected to boost state coffers amid low global oil prices, despite some push-back from organised labour.

A newly signed deal will see the creation of Kuwait’s first solar-thermal energy generation station. The project is viewed as a crucial step towards achieving the country’s goal of increasing the share of renewables in the country’s energy mix and boosting private investment in the sector.

 

In what ways can renewable energies be utilised in the oil and gas sector?

 

Management of the external operations of the state oil company, Kuwait Petroleum Corporation (KPC), is delegated to various subsidiaries, which are particularly focused on expanding the state’s assets abroad.