Kuwait discovers large oil and gas reserve
15 July 2024
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Kuwait has discovered a large offshore oil and gas reserve, according to a statement released by the state-owned Kuwait Petroleum Corporation (KPC).
The discovery was made in the Al-Noukhitha offshore field, located east of Failaka Island, with an estimated total hydrocarbon reserve of light oil and gas reaching approximately 3.2 billion barrels of oil equivalent.
In a statement to the Kuwaiti News Agency (Kuna), the state-owned upstream operator Kuwait Oil Company (KOC) said that the discovery is estimated to include 2.1 billion barrels of light oil and 5.1 trillion standard cubic feet of natural gas.
Early estimates suggest that the field has “huge potential” to reveal additional quantities in various layers and reservoirs at the field, according to KOC.
The initial estimated area of the newly discovered oil well is around 96 square kilometres.
Kuwait aims to develop plans to extract resources from the field as soon as possible.
On 14 July, the CEO of KPC, Sheikh Nawaf Saud Al-Sabah, and the CEO of KOC, met with Sheikh Mishal Al-Ahmad Al-Jaber Al-Sabah, the Emir of Kuwait, Sheikh Sabah Al-Khaled Al-Hamad Al-Sabah, the Crown Prince, and Sheikh Ahmed Abdullah Al-Ahmad Al-Sabah, the Prime Minister, to discuss the discovery.
Earlier this year, KPC’s chief executive, Sheikh Nawaf Al-Sabah, said Kuwait aims to boost its oil production capacity to 4 million barrels a day (b/d) by 2035, up from just above 3 million b/d now.
Kuwait currently produces about 2.4 million b/d of crude, as it is capping its output together with its partners in the Opec+ deal.
Kuwait is also aiming to boost its capacity to process heavier grades domestically, leaving more volumes of the more expensive lighter crudes for exports.
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