Kuwait discovers "giant" oil field, promises economic revolution

Kuwait Petroleum Corporation (KPC) recently announced the discovery of a "giant" oil field at Al-Nokhatha, east of Failaka Island. The estimated 3.2 billion barrels of oil equivalent resources could revolutionise Kuwait's energy economy.

Kuwait Petroleum Corporation (KPC) 's discovery of the "giant" oil field at Al-Nokhatha represents a significant step for Kuwait, one of the world's leading oil producers.

The resources, estimated at 3.2 billion barrels of oil equivalent, not only confirm this country's potential as a key player in the energy resources market but could also significantly impact its economy and national budget in the coming years.

Sheikh Nawaf Saud Nasir Al-Sabah, CEO of KPC, emphasised that the new fields could meet Kuwait's domestic energy needs for a long time. At the same time, they open up new export opportunities, which could increase oil export revenues.

KPC plans intensive geological and engineering studies to assess the size and efficiency of the new field accurately. This process will also include an analysis of the technology and infrastructure needed for effective extraction and transportation of the raw material.

The discovery at Al-Nokhatha is particularly significant given the global demand for energy resources. The increase in oil production may also impact the stabilisation of prices in the global energy market, which is crucial for many countries dependent on energy imports.

KPC intends to continue cooperating with international partners and oil industry specialists to launch production from the new resources as quickly as possible. According to experts, this discovery may affect global energy markets in terms of supply and raw material prices.