Kuwait Unveils “Giant” Oil Discovery Equivalent To Its Entire Oil Production In 3 Years
Kuwait Petroleum Corporation (KPC) has announced a “giant” oil discovery in the Al Nokhata field, located east of the Kuwaiti Isalnd of Failaka.
The newly discovered reserves are estimated to be 3.2 billion barrels of oil equivalent, comprising around 2.1 billion barrels of light oil and 5.1 trillion standard cubic feet of natural gas.
The authorities claim that the reserves are equivalent to Kuwait’s entire oil production over three years. The newly discovered oil well is around 96 square kilometres.
The discovery is expected to increase Kuwait’s production capacity, ensuring uninterrupted production for years to come while generating new local employment &contractor bidding opportunities.
The discovery of oil near Failaka Island in the Persian Gulf lies within Kuwait’s exclusive economic zone.
This new oil discovery will likely play a crucial part in sustaining Kuwait’s production levels & enhancing its economic prospects, reinforcing Kuwait’s position as a top oil producer worldwide.