Kuwait unearths colossal oil reserves in Al‑Nokhatha field
16 July 2024 20:17
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.
The natural energy treasure lies in the Al-Nokhatha field, east of Kuwait's Failaka Island. Sheikh Nawaf Saud Nasir Al-Sabah, the director general of Kuwait Petroleum Corporation, reported the sensational event.
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 equates to 3.2 billion barrels of oil equivalent.
Kuwait: Sensational discovery at oil field
Sheikh Nawaf Saud Nasir Al-Sabah stated that the newly discovered deposits hold 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 37 square miles. The company has not disclosed how it will exploit this 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, as well as the use of alternative energy sources.
