Kuwait, a prominent oil producer in the Middle East, revealed a significant discovery of oil and associated gas in an offshore field east of Failaka Island, according to an announcement made on Sunday.
The Kuwait Petroleum Corporation disclosed during a meeting with the Emir of Kuwait, Sheikh Mishal Al-Ahmad Al-Jaber Al-Sabah, that preliminary estimates suggest the Al-Noukhitha offshore field could hold approximately 3.2 billion barrels of oil equivalent in light oil and gas reserves. Specifically, these reserves are estimated to consist of 2.1 billion barrels of light oil and 5.1 trillion standard cubic feet of gas.
According to Kuwait Oil Company (KOC), which oversees exploration and production, initial assessments indicate substantial potential for additional discoveries across various layers and reservoirs within the field.
KOC further stated its intention to expedite plans for resource extraction from the newly discovered field.
Currently, Kuwait is a key member of OPEC and the fifth-largest producer within the cartel, behind Saudi Arabia, Iraq, Iran, and the United Arab Emirates. The country aims to increase its oil production capacity to 4 million barrels per day by 2035, up from its current rate just above 3 million barrels per day.
In addition to expanding production capacity, Kuwait is focusing on enhancing its domestic refining capabilities to process heavier grades of crude oil, thereby optimizing exports of lighter and more valuable crudes.
Last year, Kuwait began reducing exports of sour crude with the commissioning of its new 615,000-barrels-per-day Al-Zour refinery, which aims to bolster the country’s downstream operations.
The discovery at Al-Noukhitha marks a significant milestone for Kuwait’s energy sector, positioning the country to strengthen its role in global oil markets in the coming years.
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