Kuwait Announces Huge Oil, Gas Discovery of Over 3B Barrels
- Publish date: Monday، 15 July 2024
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Kuwait Oil Company (KOC) announced a major discovery of light oil and gas in the Al-Nokhatha field, located east of Failaka Island.
Impressive Initial Estimates
The newly discovered field holds an estimated 2.1 billion barrels of light oil and 5.1 trillion standard cubic feet of gas, equivalent to 3.2 billion barrels of oil. The discovery covers an area of about 96 square kilometers, according to Kuwait Petroleum Corporation (KPC).
Production Plans Underway
KOC is developing a plan to start production from the Al-Nokhatha field as soon as possible.
Strategic Importance
As the fifth-largest producer in OPEC, Kuwait currently produces about 2.48 million barrels per day (bpd). The country aims to increase its capacity to 4 million bpd by 2035. KPC's CEO, Sheikh Nawaf Saud Nasir Al-Sabah, highlighted that the new reserves are equivalent to Kuwait’s total production over three years.