KUWAIT: CEO of Kuwait Petroleum Corp (KPC) Sheikh Nawaf Al-Saud Al-Sabah announced on Sunday a huge discovery of light oil and natural gas at the maritime Noukhatha oilfield, east of Failaka Island. Sheikh Saud said the total deposits of light oil and gas in the field are estimated at 3.2 billion oil-equivalent barrels, which is equal to three years of Kuwait’s production.
The initial estimated area of the newly discovered oil well is around 96 sq 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.
The field was discovered and developed by Kuwait Oil Co (KOC), the exploration and production arm of KPC. The launch of the current marine exploration project was based on two-dimensional seismic surveys of the area, along with geophysical and geological studies to understand the earth’s layers and compositions, identify and secure the best drilling sites, and prepare for logistical operations, KOC said in a statement. KOC revealed the marine area represents about one-third of Kuwait’s
total land area and covers more than 6,000 sq km. The first phase includes drilling six exploratory wells for oil and gas, with subsequent stages to be determined based on the drilling results.
KOC underscored the importance of the offshore exploration project as a national endeavor with the goal of enhancing Kuwait’s hydrocarbon reserves sustainability and meeting global demand, aiming to elevate Kuwait’s status as a reliable global oil and gas producer and place it prominently on the regional map of leading offshore operators adhering to international standards.
Additionally, the project contributes to developing new technical skills in drilling and offshore production, creating varied employment opportunities for national talents, KOC pointed out. Based on initial test results, a developmental plan will be established to commence actual production from the field at the earliest opportunity, boosting KOC’s production capacity and laying another cornerstone for achieving its 2040 strategy, it indicated.