Kuwait's mega oil find boosts reserves by 3.2 billion barrels
Kuwait Petroleum Corporation announced on Sunday the discovery of a "gigantic oil field" at the Al-Nokhatha field, located east of Failaka Island. The field's reserves are estimated to be 3.2 billion barrels, equivalent to three years of the country's oil production.
5:26 PM EDT, July 14, 2024
Sheikh Nawaf Saud Nasir Al-Sabah, the CEO of Kuwait Petroleum Corporation (KPC), emphasized the tremendous significance of the latest discovery for Kuwait's energy sector in a video posted by the company on platform X.
He noted that the volume of the newly discovered reserves corresponds to three years of Kuwait's oil production, highlighting the field's strategic importance.
According to preliminary estimates by KPC, the area of the newly discovered well covers about 37 square miles. This significant area suggests the field may have even greater potential than initially anticipated.
Kuwait gains access to billions of barrels of oil
In its statement, KPC provided more data. They indicate that the field contains around 2.1 billion barrels of light crude oil and 5.1 trillion standard cubic feet of gas, which amount to 3.2 billion barrels of oil equivalent when converted.
In his address, Al-Sabah assured the country that it could process the new reserves. He also announced the launch of two new refineries in Al-Zour and Ad-Duqm (Oman), increasing the company's processing capacities.
Sheikh Al-Sabah also highlighted KPC's commitment to energy transformation, emphasizing the company's strategy up to 2050. The company aims to adapt to global changes in the energy sector, including plans for investments in renewable energy sources and biofuels.
KPC with a profit nearing $5 billion
Kuwait Petroleum Corporation (KPC) is a state-owned Kuwaiti oil company involved in oil exploration, production, refining, and transportation.
In the fiscal year ending March 31, 2024, KPC's net profit exceeded 1.45 billion Kuwaiti dinars, equivalent to about $4.73 billion.
