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Petroleum and natural gas sector represents the main natural resource, and is considered to be the main source of national revenue of the country. Exporting oil marked as the beginning of a new era in which the oil sector began to play a key role in the growth of the national economy.
The following dates are the most important dates in the history of oil sector in Kuwait:
1938- Oil was discovered by Kuwait Oil Company in Burgan Oil Field, but the first shipment was exported in 1946.
1949- Ahmadi Harbor's South Pier was completed together with a refinery of 25,000 b/d daily capacity, Electricity Production Station and Water Desalination Plant.
1955- Oil was discovered in the Rawdatain Field of north of Kuwait.
1959- Oil was discovered in the Managuish Field 21 miles west of Burgan, which started production in 1960.
1965- One billion tons of oil was produced by that time.
1991- Exporting the first shipment of Kuwait crude oil in August, weighing 260 thousand tons, after a one year halt caused by the Iraqi invasion which destroyed and set fire to the fields.
1996- Kuwait Petroleum Corporation and its oil subsidiaries realized record profits for the fiscal year 95/96 amounting to 870.7 million Kuwaiti Dinars equivalent to 2.9 billion U.S. Dollars, an increase of 60.1 million Kuwaiti Dinars which marks the highest rate of profits attained since its establishment in 1980.
1999- On October 11th , Kuwait and South Korea signed two oil agreements on boosting cooperation in the oil sector and Kuwait provides Korea 210 thousand tons of coal oil yearly.
2001- A new center for aggregation oil with production capacity by 10 thousand barrels
oil daily is opening in Kuwait.
2003- Despite the resumption of production in Al-Abdali & Al-Ratqa fileds production remains as its maximum level of 2.4 million barrels daily.
2004- Kuwait raises its production up to 2.7 million Barrels daily.
2005- The Organization of the Petroleum Exporting Countries (OPEC) meeting was held in Kuwait on Monday 12th of December.
2006- Natural Gas was discovered in Kuwait for the first time in a large quantity Monday 6th of March.
2007- On the 30th of April, large quantities of light crude oil and associated gas were discovered in AI-Dhabi area (North Kuwait).
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