According to a recent announcement made by Kuwait on Sunday, the country has identified a significant amount of oil and associated gas associated oil and gas in an offshore field located east of Failaka Island. This discovery could amount to around 3.2 billion barrels of oil equivalent, it was reported during a meeting between the Petroleum Corporation and Kuwait’s Emir Sheikh Mishal Al-Ahmad Al-Jaber Al-Sabah.
High-potential oil and gas discovery
In detail, the distribution of these reserves would include 2.1 billion barrels of light oil and approximately 5.1 trillion standard cubic feet of gas, as reported by the KOC. This discovery, described by the government entity as having “enormous potential”, could reveal even more resources in various layers and reservoirs in the field.
On the other hand, Kuwait Petroleum Corporation is already planning strategies to start extracting these resources as soon as possible. The significance of this discovery is considerable, especially considering that Kuwait, a founding member of OPEC and the cartel’s fifth largest producer, has limited its production to 2.4 million barrels per day in line with the OPEC+ agreement.
In addition, the country plans to increase its production capacity to 4 million barrels per day by 2035, the country plans to increase its production capacity to 4 million barrels per day by 2035, a goal potentially facilitated by this new discovery.a goal that is potentially facilitated by this new discovery. The country is also seeking to optimize its capacity to process heavier crudes internally, which would allow for greater volumes of lighter, higher-value crudes to be exported.
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Source: oilprice
Photo: Shutterstock
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