• Kuwait’s upstream sector is supported by exceptionally strong fundamentals. The country has oil and gas reserve life of approximately 276 years, among the longest globally, a low lifting cost of c.US$8.5/bbl placing it at the bottom of the global cost curve, and CO₂ intensity of only 8.5kg/bbl, underscoring the long-term competitiveness of its production base.
  • On a global level, conventional oil and gas are expected to remain central to the energy mix, accounting for around 55% of global primary energy supply by 2030. Meeting this demand will require c.21 mmboepd of incremental production by 2030, with the GCC set to provide nearly 23% of the world’s oil supply.
  • Within this context, Kuwait has seen onshore rig activity expand consistently, with the rig count nearly tripling from 94 in 2012 to 240 as of 2024, despite periods of oil price volatility. Kuwait represents a structurally attractive drilling market where onshore wells are accessible and non-harsh compared to offshore or ultra-deepwater segments, which allows for lower cost and faster mobilization.