Kuwait announces major oil discovery with reserves of 3.2 billion barrels

The state-run Kuwait Petroleum Corporation (KPC) announced on Monday a "giant" oil discovery in the Al-Nokhatha field, located east of the Kuwaiti island of Failaka, with estimated reserves of 3.2 billion barrels.

KPC's CEO Sheikh Nawaf Saud Nasir Al-Sabah said in a video posted on X that the new discovery's reserves were equivalent to the country's entire production in three years.

The initial estimated area of the newly discovered oil well is around 96 square kilometers, KPC said in its statement.

The initial estimates of the hydrocarbon reserves in the field are approximately 2.1 billion barrels of light oil and 5.1 trillion standard cubic feet of gas, equivalent to 3.2 billion barrels of oil equivalent.

Kuwait is the fifth-largest producer in Organization of the Petroleum Exporting Countries, commonly known as OPEC, with a current production of 2.48 million barrels per day. It aims to increase its production capacity to 4 million barrels per day by 2035.

The Kuwait Oil Company, a subsidiary of the KPC which is tasked with managing production from the new site, said that the figures were preliminary, with significant potential for increased hydrocarbon reserves in various layers and reservoirs of the discovered field.

The company also said a plan will be put in place to begin actual production from the field as soon as possible.

The net profits of the state-owned KPC reached 1.45 billion dinars I(USD?) n the fiscal year ending March 31.