Kuwaiti Minister of Oil, Dr. Mohammad Al-Fares has reported the discovery of two new oil and gas fields for the Kuwait Oil Company (KOC) in different parts of the country.
These findings are in addition to the discovery of the extension within the context of the development activities in the northern part of the Great Burgan field.
Minister Al-Fares who also heads the and Ministry of Electricity and Water said in a statement that the first discovery is in the northwestern field of the country, with the production capacity of 1,452 barrels per day (bpd) of light oil, and the second is in Al-Qashaniya in northern Kuwait, with the production capacity of 1,819 bpd of light oil and 2.78 million cubic feet of associated gas each day.
“This discovery has great economic importance as it sheds light on large undiscovered areas in the western and northwestern parts of Kuwait, which will contribute directly to increasing oil reserves and the production capacity according to KOC’s 2040 strategic plan. A conventional oil field was also discovered in the north of the Great Burgan field, as oil flowed in commercial quantities from several wells drilled during 2020 to determine the extent of the field at a daily production rate of more than 2,000 barrels.”
The two new discoveries add strategic significance to the northern part of Kuwait, as this region has not been explored before, said Mr. Al-Fares.
He further stated that the results give KOC access to easy and low-cost reserves, which supports the company’s efforts to maintain its competitive advantage between countries and oil companies.
The company will drill new wells in the discovered areas to increase production capacity, further added Mr. Al-Fares. Also, he praised the KOC for discovering new fields, despite the constraints the country faced in the light of the COVID-19 pandemic.
Kuwait Oil Company
The Kuwait Oil Company is an oil company headquartered in Ahmadi, Kuwait. It is a subsidiary of the Kuwait Petroleum Corporation, a Government-owned holding company. Apart from exploration, drilling, and production of oil and gas within Kuwait, the company is also involved in the storage of crude oil and delivery to tankers for export.