KOC Discovers Giant Oil Reserves In Al-Nokhatha Offshore Field

7/14/2024 3:05:17 PM

(MENAFN- Kuwait News Agency (KUNA)) KUWAIT, July 14 (KUNA) -- Kuwait Oil Company (KOC) announced on Sunday the discovery of huge commercial quantities of light oil and associated gas in the offshore Al-Nokhatha field, located east of Kuwait's Failaka Island.
The initial estimated area of the field is approximately 96 square kilometers, marking a key breakthrough in Kuwait's exploration of hydrocarbon resources in its marine area, according to KOC's statement to KUNA.
The daily production from Al-Nokhatha well is around 2,800 barrels of light oil and 7 million cubic meters of associated gas, KOC explained.
Preliminary estimates suggest the hydrocarbon reserves at this well to be about 2.1 billion barrels of light oil and 5.1 trillion standard cubic feet of gas, equal to approximately 3.2 billion barrels of oil equivalent, it said.
These initial findings indicate huge potential to further enhance and increase hydrocarbon resource quantities in various layers and reservoirs within the discovered field, KOC added.
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 mentioned.
KOC revealed that the marine area, representing about one-third of Kuwait's total land area and covering more than 6,000 square kilometers, in 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, it 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.
KOC confirmed that this discovery was the result of cohesive collaboration across its sectors, continuous support from Kuwait Petroleum Corporation's (KPC) management, and ongoing cooperation with all relevant government entities, paving the way for the successful exploration and investment in oil and gas drilling operations in the area. (end)
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