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The Kuwait Oil Company was founded in 1934 by Anglo-Persian Oil Company and Gulf Oil as an equally owned partnership. The oil concession rights were awarded to the company on 23 December 1934 and the company started drilling operations in 1936. First oil was discovered in 1938 in Burgan field, followed by discoveries in Magwa in 1951, Ahmadi in 1952, Raudhatain in 1955, Sabriya in 1957, and Minagish in 1959.