Kuwait Petroleum reveals massive 3.2 billion barrel oil find
16 July 2024 18:33
The powerful Kuwait Petroleum Corporation (KPC) has announced the discovery of a "gigantic" oil reserve. The potential of the new extraction site has been estimated at 3.2 billion barrels.
This natural energy treasure lies in the Al-Nokhatha field, east of Kuwait's Failaka Island. The sensational event was reported by Sheikh Nawaf Saud Nasir Al-Sabah, the director general of Kuwait Petroleum Corporation.
According to RMF FM, initial estimates of the hydrocarbon reserves present in the well are approximately 2.1 billion barrels of light crude oil and 5.1 trillion standard cubic feet of gas. This corresponds to 3.2 billion barrels of oil equivalent.
Kuwait. Sensational discovery at oil field
Sheikh Nawaf Saud Nasir Al-Sabah said the newly discovered deposits have an unexpected wealth of resources. The fuel is equivalent to the country's production over three years.
As stated by KPC in its announcement, the newly discovered oil well's preliminary estimated area is about 95 square kilometres. The company does not disclose how it will exploit the new resource.
The Kuwait Petroleum Corporation's strategy, planned until 2040, aims to balance oil extraction and green energy production. KPC's activities focus on oil exploration, production, petrochemicals, refining, marketing, and transport, but also the use of alternative sources.
