Kuwait unlocked: upstream investment opportunities Report

Insight 06 February 2025

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Report summary

Kuwait, a global oil powerhouse, stands as one of the few countries without direct foreign involvement in its upstream sector. However, this could soon change. The appointment of a new Emir, Sheikh Mishal, in December 2023 marks the beginning of a period of significant reforms, potentially paving the way for large-scale upstream opportunities to be opened to international participation.

1. Greater Burgan
2. Northern Fields
3. Western Fields
4/5. Onshore and Offshore Partitioned Zones
6. Kuwait Offshore
Offshore subsurface: the new exploration frontier
In the short term (1 to 2 years)
In the long term (2+ years)
Post war recovery: political gridlock and delayed investment (1992 onwards)
- Kuwait’s political system
Kuwait's historical opposition to IOC involvement
- Enhanced Technical Service Agreements (ETSAs)
- ETSA awards:
What has changed?

Tables and charts

This report includes the following images and tables:

Kuwait's creaming curve
Kuwait's six-well offshore exploration campaign
Kuwait's current six well offshore campaign - discoveries and planned wells

Contractor IRR Vs government take (%), light oil Vs heavy oil onshore Kuwait development
Kuwait's oil production history
Kuwait's political system
Kuwait upstream organisations