Kuwait strikes oil bonanza with 3.2 billion barrel discovery
The powerful Kuwait Petroleum Corporation (KPC) has announced the discovery of a "gigantic" oil reserve. The potential of this new extraction site is estimated at 3.2 billion barrels.
4:53 PM EDT, July 16, 2024
This natural energy treasure was found in the Al-Nokhatha field east of Kuwait's Failaka Island. Sheikh Nawaf Saud Nasir Al-Sabah, the CEO of Kuwait Petroleum Corporation, revealed the sensational discovery.
According to RMF FM, preliminary estimates indicate the hydrocarbon reserves present in the well include approximately 2.1 billion barrels of light crude oil and 5.1 trillion standard cubic feet of gas, for a total of 3.2 billion barrels of oil equivalent.
Kuwait. Sensational oil field discovery
Sheikh Nawaf Saud Nasir Al-Sabah stated that the newly discovered fields hold an unexpected wealth of resources. The fuel is equivalent to the country's production over three years.
As reported by KPC in its statement, the preliminarily estimated area of the newly discovered oil well is approximately 37 square miles. The company has not yet disclosed how it will exploit this new resource.
Kuwait Petroleum Corporation's strategic plan, extending until 2040, aims to balance oil extraction with the production of green energy. KPC's activities include oil exploration, production, petrochemicals, refining, marketing, transportation, and utilizing alternative energy sources.
