Kuwait Petroleum Corporation (KPC), Government agency responsible for exploration and mining, On Sunday, it was announced that a “giant” oil discovery had been made in the Al-Nukhadha field, east of Kuwait’s Failaka Island.
The Director General of the Kuwait Petroleum Corporation, Sheikh Nawaf Saud Nasser Al-Sabah, said in a video clip posted on the X website that the reserves of the new discovery are equivalent to the country’s total production over three years.
The Kuwait Petroleum Corporation said in its statement that the initial estimated area of the newly discovered oil well is about 96 square kilometers.
She added that the initial hydrocarbon reserves of the well are estimated at about 2.1 billion barrels of light crude oil and 5.1 trillion standard cubic feet of gas, equivalent to 3.2 billion barrels of oil equivalent.
Kuwait to increase mining capacity
Kuwait, which began exporting crude oil in 1946, is now producing about 2.4 million barrels per day as it cuts output with its partners under the OPEC+ agreement, which includes OPEC and dozens of non-OPEC producers led by Russia.
Kuwait, a founding member of OPEC, is the organization’s fifth-largest producer after Saudi Arabia, Iraq, Iran and the United Arab Emirates.
Kuwait aims to increase its oil production capacity to 4 million barrels per day by 2035, up from the current rate of just over 3 million barrels per day, the CEO of Kuwait Petroleum Corporation said earlier this year.
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