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Kuwait announces three new oil discoveries

Kuwaiti Minister of Oil and Minister of Electricity and Water Dr. Mohammad Al-Faris today announced the discovery of two new oil fields for the Kuwait Oil Company (KOC) in different regions of the country, in addition to the discovery of the extension for the northern part of the Great Burgan field within the framework of the development operations.

In a statement to the Kuwait News Agency (KUNA), minister Al-Faris said that the first discovery was in a field northwest of the country, while the second in Al-Qash’aniya north kuwait.

This discovery acquires great economic importance as it sheds light on the large undiscovered areas in the western and northwestern part of Kuwait, which contribute directly to increasing oil reserves and production capacity according to KOC’s 2040 strategic plan, he said.

Al-Faris also noted the two new discoveries add strategic importance to the northern part of Kuwait, as the area has not been explored before.

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, Al-Faris added.

The results reached 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, he said, indicating that the company will drill new wells in the discovered fields to boost production quantities, he said.

Al-Faris praised the success of KOC in achieving these three discoveries in 2020, despite all the conditions that the country is facing in light of the novel coronavirus (COVID-19).

Source: Bahrain News Agency