Dubai: Kuwait announces its discovery of light oil and associated natural gas in its offshore Al Nokhatha field.
The state-owned Kuwait Oil Company (KOC), a subsidiary of Kuwait Petroleum Corporation (KPC), stated that the field, situated east of the Kuwaiti island of Failaka, holds approximately 2.1 billion barrels of light oil and 5.1 trillion cubic feet of natural gas.
This find is equivalent to 3.2 billion barrels of oil.
KPC’s CEO, Nawaf Saud Nasir Al Sabah, highlighted on social media that the newly discovered reserves match Kuwait’s entire production over three years.
Kuwait, which possesses around 7 per cent of global oil reserves, currently has a production capacity of approximately 3 million barrels per day (bpd).
Despite its heavy reliance on oil, which accounts for 95 per cent of export revenues and 90 per cent of government income, Kuwait faces challenges meeting rising energy demands, leading to imports of liquefied natural gas and electricity, especially during peak summer periods. With the intense heat that hits the GCC in the summer, immense amounts of energy are needed to keep the country and its people safe from the sun’s scorching rays.
The recent discovery marks a crucial development for Kuwait’s oil and gas sector, which experienced a downturn last year due to (Organization of the Petroleum Exporting Countries) OPEC-imposed cuts.
KPC’s Al Sabah announced, earlier this year, plans to expedite new oil and gas discoveries to boost production capacity to 4 million bpd by 2035.
The country intends to invest $44 billion (Dh161 billion) in oil production, exploration, and related projects through 2025.
