Kuwait Oil Company Announces Significant Offshore Light Oil, Gas Discovery

7/14/2024 10:11:44 PM

(MENAFN- Nam News Network) KUWAIT, Jul 15 (NNN-KUNA) – The Kuwait Oil Company (KOC), announced yesterday that, it has made a new discovery of high-quality light oil and gas, in the Noukhada offshore field, east of Failaka Island, in Kuwait's economic waters.

In a statement, the company said that, the area of the field is estimated at approximately 96 square km; the initial estimates of the hydrocarbon resources in the layer are approximately 2.1 billion barrels of light oil and 5.1 trillion standard cubic feet of gas, which is equivalent of 3.2 billion barrels of oil.

The company pointed out that, these figures are“preliminary data,” with significant potential that the amount of hydrocarbon resources to be higher than the initial estimates.

Currently, the project was launched based on two-dimensional seismic surveys of the Kuwaiti offshore area, and geophysical and geological studies have been conducted to understand the details and structures of the earth layers, with an aim to determine the best and safest drilling sites and prepare for logistical operations.

The KOC revealed that, the first exploration phase includes drilling six exploratory wells for oil and gas. Based on the results of the phase, subsequent phases will be determined accordingly.

The company said, the offshore exploration project is a national project, aiming at enhancing Kuwait's hydrocarbon reserves, ensuring the sustainability of new hydrocarbon resources, to meet global demand, and enhancing Kuwait's position as a reliable global producer of oil and gas.– NNN-KUNA

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