Photo: By Navin Mistry / Shutterstock
CAIRO, July 14 (Reuters) – 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.
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.
(Reporting by Jaidaa Taha and Muhammad Al Gebaly; Editing by Jan Harvey and David Evans)
(c) Copyright Thomson Reuters 2024.
Join the gCaptain Club for curated content, insider opinions, and vibrant community discussions.
Join the 109,835 members that receive our newsletter.
Have a news tip? Let us know.
The Bureau of Ocean Energy Management (BOEM) has confirmed competitive interest in two offshore wind areas (WEAs) off the southeast Texas coast, following an unsolicited lease request from Hecate Energy...
W&T Offshore, an independent driller operating in the U.S. Gulf of Mexico, has asked a federal judge to block insurance companies' demands for $250 million in additional collateral for taking apart old oil infrastructure.
Europe is starting to find the limit of a decades-long boom in offshore wind. It can be seen most acutely in the places that have been quickest to build capacity. Countries like Denmark and Sweden are beginning to hit a wall as power prices and incentives drop too low to make building projects worth it. The latest example is a Danish government auction for offshore wind that failed to attract any bids.
Access exclusive insights, engage in vibrant discussions, and gain perspectives from our CEO.
Sign Up
Maritime and offshore news trusted by our 109,835 members delivered daily straight to your inbox.
Essential news coupled with the finest maritime content sourced from across the globe.
Sign Up
Join The Club
