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Kuwait Announces Huge Oil and Gas Discovery Offshore

by Krystal

Kuwait, one of the Middle East’s major oil producers, has announced a significant oil and gas discovery in an offshore field east of Failaka Island. The Kuwait Petroleum Corporation revealed preliminary estimates indicating reserves at the Al-Noukhitha field could amount to approximately 3.2 billion barrels of oil equivalent, comprising 2.1 billion barrels of light oil and 5.1 trillion standard cubic feet of gas.

During a meeting with Kuwait’s Emir, Sheikh Mishal Al-Ahmad Al-Jaber Al-Sabah, Kuwait Oil Company (KOC) stated that the field shows promising potential for further discoveries across various layers and reservoirs.

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KOC plans to initiate extraction plans promptly to harness the resources from the newly discovered field. Currently, Kuwait produces approximately 2.4 million barrels per day (bpd) of crude oil, adhering to production caps under the OPEC+ agreement.

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SEE ALSO: Why Has Brent Crude Dropped?

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As a founding member of OPEC and the cartel’s fifth-largest producer, Kuwait aims to increase its oil production capacity to 4 million bpd by 2035, up from slightly above 3 million bpd presently. The country also seeks to enhance its capability to process heavier grades domestically, thereby optimizing the export of lighter crudes.

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In recent developments, Kuwait has begun to reduce its exports of sour crude with the operational commencement of the Al-Zour refinery, capable of processing 615,000 barrels per day.

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