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.

KPC’s CEO, Sheikh Nawaf Saud Nasir Al-Sabah, revealed the discovery in a video posted on the company’s official X (formerly Twitter) account.

The video claims 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 and contractor bidding opportunities.

The discovery of oil near Failaka Island in the Persian Gulf lies within Kuwait’s exclusive economic zone.

According to the Kuwait Oil Company (KOC), the discovery in the Al-Nokhata field indicates that the complex has tremendous potential for additional oil and gas discoveries.

With a population of four million, Kuwait is OPEC’s fifth largest producer, generating approximately 2.5 million barrels per day.

Most of its exports are refined products, indicating a strategic shift toward adding midstream sector value.

The Al Zour refinery, the largest and newest in the Middle East, is dedicated to producing low-sulfur fuel oil for the maritime industry.

A significant portion of Kuwait’s exports are intended for Asia, with China being its most important trading partner.

KPC executives, including Sheikh Nawaf Saud Al-Sabah and KOC’s CEO, met with key Kuwaiti leaders, including the Amir, His Highness Sheikh Mishal Al-Ahmad Al-Jaber Al-Sabah, the Crown Prince, His Highness Sheikh Sabah Al-Khaled Al-Hamad Al-Sabah, and the Prime Minister, His Highness Sheikh Ahmed Abdullah Al-Ahmad Al-Sabah, to inform them of the monumental discovery.

This new oil discovery will likely play a crucial part in sustaining Kuwait’s production levels and enhancing its economic prospects, reinforcing Kuwait’s position as a top oil producer worldwide.

Reference: Reuters, KPC

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Source: Maritime Shipping News