Kuwait announces 'giant' oil discovery

14 July 2024 - 

BY JAIDAA TAHA AND MUHAMMAD AL GEBALY

 Picture: 123RF/Warawoot Nanta

Kuwait Petroleum Corporation (KPC) said on Sunday it had made a “giant” oil discovery in the Al-Nokhatha field east of the Kuwaiti island of Failaka, with oil reserves estimated at 3.2-billion barrels.

KPC's CEO Sheikh Nawaf Saud Nasir Al-Sabah said in a video posted by the company on X that the new discovery's reserves were equivalent to the country's entire production in three years.

The initial estimated area of the newly discovered oil well is about 96 square km, KPC said in its statement.

It added that the preliminary estimates of the hydrocarbon reserves present at the well were estimated at about 2.1-billion barrels of light oil, and 5.1-trillion standard cubic feet of gas, which correspond to 3.2-billion barrels of oil equivalent.

Reuters

Kuwait Announces "Giant" New Oilfield Discovery in Persian Gulf

Courtesy KOC

PUBLISHED JUL 15, 2024 3:00 PM BY THE MARITIME EXECUTIVE

 

On Sunday, Kuwait's national oil company announced the discovery of a "giant" oil find, large enough that its reserves equal three years of the energy-rich nation's entire annual production. 

The discovery sits just off the island of Failaka in the Persian Gulf, next to the northeastern edge of the Kuwaiti exclusive economic zone. It contains about 3.2 billion barrels of oil equivalent, including 2.1 billion barrels of light oil and 5.1 trillion cubic feet of natural gas. 

The find is located in Kuwait's Al-Nokhatha field, and in a statement, Kuwait Oil Company said that the discovery suggests "huge potential" for additional oil and gas finds within the complex. It will help sustain Kuwait's production at a reliable level for years to come, the KOC said, and create more local employment opportunities (and bidding opportunities for contractors).  

Kuwait is a small emirate of four million people, but its rich oil and gas fields make it the fifth-largest producer in OPEC with output of about 2.5 million barrels a day, according to Bloomberg. The majority of its exports are in the form of refined products, reflecting a push to add value in the midstream sector. It has the newest and largest refinery in the Middle East, Al Zour, which is designed for high output of low-sulfur fuel oil for the shipping industry. The largest share of its exports go to Asia, and China is its largest trading partner.