AEC supports Kuwait's 2035 oil production target, says Bourisli

12/08/2026 05:37 AST

In interviews with CNBC TV and Bloomberg TV, Rawaf Bourisli, Vice Chairman of Action Energy Company KSCP (AEC), said Kuwait's national oil companies have shown exceptional capability in navigating ongoing regional challenges, reaffirming Action Energy's commitment to supporting Kuwait's long-term production objectives, including Kuwait's target of increasing production capacity to four million barrels per day by 2035.

Bourisli added that the company's contracted backlog has reached a record level of approximately $1.1 billion, providing strong revenue visibility over the coming years. He noted that approximately 39 percent of the backlog comprises integrated, high-value oilfield services, which are expected to become an increasingly significant contributor to the company's financial performance during the second half of 2026 and into early 2027.

Commenting on the Board of Directors' recommendation to distribute the company's first interim cash dividend of 3 fils per share, Bourisli said: "This recommendation reflects a healthy balance sheet and a commitment to delivering sustainable shareholder value. We remain focused on executing a disciplined strategy that balances investment in growth with profitability, enabling us to continue expanding the business while creating long-term value for our shareholders."

On the regional front, Bourisli said the company's international expansion has moved from strategy to execution, anchored by its first joint venture (JV) with Kellton to deploy artificial intelligence solutions for well control digitalization and real-time monitoring. The joint venture is also preparing to open its first regional office in Doha during the third quarter of 2026, marking the first step in its broader GCC expansion plans. Through this JV, the company aims to help energy operators across the region modernize their operations, improve decision-making, and maximize the value of their assets.

In H1 2026, Action Energy reported revenue of KD 18.1 million, up 34.4 percent year over year, EBITDA of KD 9.0 million, up 28.3 percent, and net profit of KD 4.4 million, representing year-over-year growth of 96.6 percent.

Kuwait Times