The Kuwait Oil Company has made a significant petroleum discovery in the Al-Nokhatha field located in the eastern part of Kuwait's Failaka Island, with estimated reserves of 3.2 billion barrels.
Sheikh Nawaf Saud Nasir Al-Sabah, the CEO of Kuwait Oil Company, stated in a video posted on the social media platform X that the newly discovered reserves are equivalent to the country's total production for three years.
According to a Reuters report, the Kuwait Oil Company announced in its statement that the estimated initial extent of the newly discovered petroleum well is approximately 96 square kilometers. The company added that preliminary estimates of the hydrocarbon reserves in this well are about 2.1 billion barrels of light petroleum and 5.1 trillion standard cubic feet of gas, which equates to 3.2 billion barrels of petroleum equivalent.
The company, which is responsible for Kuwait's energy exploration and production, stated that a plan to commence actual production from the field will be prepared as soon as possible.
With a current production of about 2.48 million barrels per day, Kuwait is the fifth-largest producer in OPEC and aims to increase its production capacity to four million barrels per day by 2035.
If the Canadian federal government enforces stringent regulations on emissions starting in 2030, the Canadian petroleum and gas industry could lose $ ...
Following the expiration of the general U.S. license for operations in Venezuela's petroleum industry, up to 50 license applications have been submit ...
Saudi Arabia is planning a multi-billion dollar sale of shares in the state-owned giant Aramco.
