Kuwait announces major oil discovery, estimates 3.2B barrels
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Sheikh Nawaf Al-Saud Al-Sabah, CEO of Kuwait Petroleum Corp (KPC), announced on Sunday a significant discovery of light oil and natural gas at the maritime Noukhatha oilfield, located east of Failaka Island.
The field's deposits are estimated at 3.2 billion oil-equivalent barrels, equal to three years of Kuwait's production. The new oil well covers approximately 96 square kilometers, with hydrocarbon reserves estimated at 2.1 billion barrels of light oil and 5.1 trillion standard cubic feet of gas, according to KPC's statement.
Kuwait Oil Co (KOC), KPC's exploration and production arm, discovered and developed the field. The marine exploration project was based on two-dimensional seismic surveys, along with geophysical and geological studies to determine the best drilling sites.
KOC highlighted that the marine area represents about one-third of Kuwait's total land area, covering more than 6,000 square kilometers. The project's first phase includes drilling six exploratory wells, with future phases to be decided based on drilling outcomes.
KOC emphasized the offshore exploration project's importance for enhancing Kuwait’s hydrocarbon reserves and meeting global demand.
The initiative aims to boost Kuwait’s standing as a reliable global oil and gas producer and a leading offshore operator. The project also aims to develop technical skills in drilling and offshore production, creating diverse employment opportunities.
A developmental plan will be established based on initial test results to start production as soon as possible, contributing to KOC’s 2040 strategy.