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Kuwait announces discovery of 'giant' oil reserves

The new reserves are equivalent to country's entire production in three years, said Kuwait Petroleum Corporation

Published: Sun 14 Jul 2024, 6:18 PM

Updated: Sun 14 Jul 2024, 6:36 PM

  • By
  • Reuters

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Image used for representative purpose. Photo: File

Image used for representative purpose. Photo: File

Kuwait Petroleum Corporation (KPC) said on Sunday it had made a "giant" oil discovery in the Al-Nokhatha field east of the Kuwaiti island of Failaka, with oil reserves estimated at 3.2 billion barrels.

KPC's CEO Sheikh Nawaf Saud Nasir Al-Sabah said in a video posted by the company on X that the new discovery's reserves were equivalent to the country's entire production in three years.

The initial estimated area of the newly discovered oil well is around 96 square km, KPC said in its statement.

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It added that the preliminary estimates of the hydrocarbon reserves present at the well were estimated at approximately 2.1 billion barrels of light oil, and 5.1 trillion standard cubic feet of gas, which correspond to 3.2 billion barrels of oil equivalent.

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