ALBAWABA - Kuwait Petroleum Corporation (KPC) revealed on Sunday that the Al-Nokhatha field, east of the Kuwaiti island of Failaka, is home to a "giant" oil find, with estimated reserves standing at 3.2 billion barrels.
The oil giant stated that the discovery of the "huge commercial amounts" of light oil and related gas in an offshore field is considered a "turning point" in the company's attempts to explore offshore hydrocarbons.
CEO Sheikh Nawaf Saud Nasir Al-Sabah explains in a video on X (formerly Twitter) that the new discovery's reserves were equivalent to the country's entire production in three years.
Government-run KOC stated on Sunday that the Al-Nukhida field, located east of the Gulf state's Failaka Island, had preliminary estimated reserves of over 2.1 billion light oil barrels and 5.1 trillion standard cubic feet of gas, approximately 3.2 billion barrels of oil equivalent, in the Manageesh stratum.
Kuwait Oil Co., which is in charge of Kuwait's energy research and extraction, announced that a strategy would be prepared to begin actual production from the newly-discovered reserves as soon as feasible.
With an estimated daily production of 2.48 million barrels, Kuwait currently ranks as the fifth-largest producer within OPEC, according to Bloomberg, with intentions to increase output capacity to 4 million barrels per day by 2035.
