Kuwait Discovers New Oil Field
The new field will enable the country to pursue production for decades, according to the CEO of Kuwait Oil Company
Kuwait discovers a new Oil & Gas field in the west of the country that will significantly boost national energy reserves, state news agency KUNA reported Friday.
The new Oil field discovered in Al-Jathatheel will “substantially add to the state’s output productivity and reserves of light Oil & Gas, said Kuwait Oil Company.
Chief executive Jamal Abdelaziz said preliminary scans of the area showed the field was of high economic feasibility.
He said KOC was conducting tests to the northwest of the Al-Manaqeesf field predicting that the volumes of extracted Oil & Gas would 2X.
The new discovery is forecast to enrich the Kuwaiti Crude Oil reserves and enable the country to pursue production for decades to come, Abdelaziz said.
Kuwait has 102-B bbls of proven reserves, according to the US Energy Information Administration (EIA). The country’s national Oil company plans to increase production from 3-M to 4-M BPD by Y 2020.
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