Kuwait announces huge commercial discovery of oil and gas
The Kuwait Oil Company announced the investigation of a huge commercial discovery of light oil and associated gas, near the island of Failaka in the economic waters of the east of the country.
The company said in a statement on Sunday evening that the initial area, which covers commercial quantities of associated oil and gas, is 96 square kilometers.
Preliminary estimates of hydrocarbon resource reserves in the layer are estimated at 2.1 billion barrels of light oil and 5.1 trillion standard cubic feet of gas, equivalent to 3.2 billion barrels of oil equivalent.
The amount of oil discovered is equivalent to the country’s production for 750 days according to production quantities of about 2.8 million barrels of oil per day in Kuwait’s normal conditions, according to OPEC data.
“These data are preliminary with great potential to enhance and increase the amount of hydrocarbon resource stocks in different layers and reservoirs of the discovered offshore field,” the company added.
The company stressed the importance of the offshore exploration project as a national project aimed at enhancing the reserves of the State of Kuwait of hydrocarbon resources, in addition to ensuring the sustainability of the availability of new quantities to meet global demand.
