Kuwait’s KPC announces major oil discovery

Kuwait Petroleum Corporation (KPC) announced a significant oil discovery in the Al-Nokhatha field, located east of the Kuwaiti island of Failaka. The oil reserves in this field are estimated to be around 3.2 billion barrels.

KPC’s CEO Sheikh Nawaf Saud Nasir Al-Sabah highlighted that the newly discovered reserves are equivalent to the country’s total production over three years. According to KPC’s statement, the initially estimated area of the new oil well spans approximately 96 square kilometres.

The statement further detailed that the preliminary estimates of the hydrocarbon reserves at the site include around 2.1 billion barrels of light oil and 5.1 trillion standard cubic feet of gas, translating to a combined total of 3.2 billion barrels of oil equivalent.

Attribution: Reuters