Kuwait unveils giant oil and gas discovery in promising offshore field
Hydrocarbon find is expected to hold reserves of 3.2 billion barrels of oil equivalent
Kuwaiti emir Sheikh Mishal Al Ahmad Al Sabah.Photo: AFP/SCANPIX
State-owned Kuwait Oil Company (KOC) has unveiled a giant oil and gas discovery within its Al-Nokhatha offshore field, east of the Kuwaiti island of Failaka.
Preliminary estimates suggest hydrocarbon reserves at the well to be about 2.1 billion barrels of light oil and 5.1 trillion cubic feet of gas, equal to approximately 3.2 billion barrels of oil equivalent, KOC said in a statement issued to state-run Kuwait News Agency on Sunday.
“The initial estimated area of the field is approximately 96 square kilometres, marking a key breakthrough in Kuwait's exploration of hydrocarbon resources in its marine area,” KOC said.
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