Kuwait Oil Company discovers high-quality light oil, gas in Noukhada offshore field
Date
7/15/2024 4:03:47 AM
(MENAFN) The Kuwait Oil Company (KOC) announced on Sunday a significant discovery of high-quality light oil and gas in the Noukhada offshore field, located east of Failaka Island within Kuwait's economic waters. In a statement released to the Kuwait News Agency, KOC detailed that the field spans approximately 96 square kilometers and has initial estimates indicating around 2.1 billion barrels of light oil and 5.1 trillion standard cubic feet of gas, which equates to about 3.2 billion barrels of oil.
KOC emphasized that these figures represent preliminary data, suggesting the potential for even greater hydrocarbon resources than currently estimated. The discovery follows extensive two-dimensional seismic surveys and geophysical and geological studies aimed at understanding the subsurface structures. These efforts are intended to identify the safest and most effective drilling sites while preparing for the logistical operations necessary for exploration.
As part of the first phase of the exploration project, KOC plans to drill six exploratory wells for oil and gas. The outcomes of this initial phase will inform subsequent phases of the project. The company characterized this offshore exploration initiative as a national endeavor, aimed at bolstering Kuwait's hydrocarbon reserves. This is vital for ensuring the sustainability of new resources to meet global energy demands, ultimately reinforcing Kuwait’s status as a dependable global producer of oil and gas.
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