Kuwait Oil Co. makes “huge” offshore oil and gas discovery
(Bloomberg) – Kuwait Oil Co. said it’s discovered “huge commercial amounts” of light oil and associated gas in an offshore field, marking a “turning point” in its efforts to explore for offshore oil and gas.
The Al-Nukhida field, east of the Gulf state’s Failaka Island, has initial estimated reserves of about 2.1 Bbbl of light oil and 5.1 Tcfg, or 3.2 Bboe, in the Manageesh strata, state-owned KOC said on Sunday.
A plan will be developed to start actual production from the offshore field as soon as possible, said the company, which is responsible for Kuwait’s oil and gas exploration and production.
Kuwait is OPEC’s fifth-biggest producer, with a current production of about 2.48 MMbpd. It aims to boost capacity to 4 MMbpd by 2035.
