Kuwait, a prominent oil producer in the Middle East, recently unveiled a significant discovery of oil and gas in an offshore field near Failaka Island. This discovery, announced by the Kuwait Petroleum Corporation (KPC) during a meeting with the Emir of Kuwait, Sheikh Mishal Al-Ahmad Al-Jaber Al-Sabah, marks a substantial addition to Kuwait’s energy reserves.
According to preliminary assessments by the Kuwait Oil Company (KOC), the Al-Noukhitha offshore field is estimated to contain approximately 3.2 billion barrels of oil equivalent. This includes 2.1 billion barrels of light oil and 5.1 trillion standard cubic feet of gas. KOC expressed optimism about the field’s potential, suggesting that further exploration could reveal even more reserves across various layers and reservoirs.
Kuwait, a founding member of OPEC and the fifth-largest producer within the cartel, currently produces around 2.4 million barrels of crude oil per day. The country aims to increase its production capacity to 4 million barrels per day by 2035, aligning with its strategic goals to optimize crude oil processing and export capabilities.
The recent discovery near Failaka Island represents a significant step toward achieving Kuwait’s energy ambitions, enhancing its position in the global energy market, and supporting its economic development plans for the future.