15.07.2024. / 16:03
KUWAIT CITY – One of the largest oil producers in the Middle East, Kuwait announced a major discovery of oil and associated gas in an offshore field east of Failak Island.
Photo: Pixabay
Preliminary estimates showed that reserves in the Al-Noukhitha subsea field could amount to about 3.2 billion barrels of oil equivalent of light oil and gas, Kuwait Petroleum Corporation said during a meeting with the Emir of Kuwait, Sheikh Mishal Al-Ahmad Al-Jaber Al-Sabah .
Reserves could be as much as 2.1 billion barrels of light oil and 5.1 trillion standard cubic feet of gas, totaling 3.2 billion barrels of oil equivalent, said Kuwait Oil Company (KOC), the government entity responsible for exploration and production in statement to the Kuwaiti news agency KUNA.
Initial estimates suggest the field has “high potential” to discover additional volumes in various layers and reservoirs in the field, according to KOC.
Kuwait plans to draw up plans to begin extracting resources from the field as soon as possible, the company said.
Kuwait, which began exporting crude oil in 1946, currently produces about 2.4 million barrels a day of crude oil as it curbs production along with its OPEC+ partners—OPEC and a dozen non-OPEC producers led by Russia.
Kuwait, a founding member of OPEC, is the cartel’s fifth largest producer, behind Saudi Arabia, Iraq, Iran and the United Arab Emirates (UAE).
Kuwait aims to increase its oil production capacity to 4 million barrels per day by 2035, up from just above 3 million barrels per day, Kuwait Petroleum Corporation CEO Sheikh Nawaf Al Sabah said earlier this year.
Kuwait is also seeking to increase its capacity to refine heavier grades domestically, leaving more volumes of more expensive light crude for export.
Last year, Kuwait began curbing sour crude exports as its new Al-Zour refinery, which produces 615,000 barrels per day, began ramping up.Klix
Source: www.capital.ba
