Home Industry Energy Kuwait announces ‘giant’ oil discovery The initial estimated area of the newly discovered oil well is around 96 square kilometres by Gulf Business with Reuters July 16, 2024 Image credit: Getty Images 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. Message from the Chief Executive Officer of Kuwait Petroleum Corporation Sheikh Nawaf Saud Nasir Al-Sabah. pic.twitter.com/I5spper8xi — KPC | مؤسسة البترول الكويتية (@kpcofficialkw) July 14, 2024 The initial estimated area of the newly discovered oil well is around 96 square kilometres, KPC said in its statement. 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. The Al Nokhatha well produces 2,800 barrels of light oil and 7 million cubic meters of associated gas daily. “Following initial test results, we will create development plans to start production from the field as soon as possible, enhancing KOC’s production capacity,” the company stated. Kuwait’s hydrocarbon reserves The Gulf country currently ranks sixth in the world for oil reserves, accounting for about 6.1 per cent of the world’s total oil reserves. It is among the world’s top 10 oil producing nations, according to Worldometer data. It is the fifth largest crude oil producer among the OPEC grouping. Image credit: Worldometer The Gulf country has been ramping up its hydrocarbon production as it increased its refining capacity to 1.8 million barrels per day (bpd) in May, following the full operational launch of the Al Zour refinery, one of the largest in the Middle East. The Al Zour refinery, consisting of three component units, reached its maximum output capacity of 615,000 bpd in recent months and was officially inaugurated earlier this year. Read: Kuwait officially inaugurates Al Zour mega-refinery as it hits record capacity Tags Al Nokhatha hydrocarbon Kuwait Kuwait Petroleum Corporation oil oil field Oil Reserves You might also like Saudi Arabia posts $8bn Q3 deficit as lower oil prices weigh Will they or won’t they? Talk of Saudi cutting oil prices for Asia Oil prices regain ground after 7% loss last week Most Gulf markets fall on geopolitics, weak oil