KUWAIT PETROLEUM CORPORATION ANNOUNCES MAJOR OIL AND GAS DISCOVERIES OFF FAILAKA ISLAND

Kuwait City – The Kuwait Petroleum Corporation (KPC) has recently unveiled the discovery of substantial deposits of light crude oil and associated gas in the offshore area near Failaka Island.

In a statement released by the company, preliminary estimates of the hydrocarbon resources within the reservoir layer of the Al Nokhatha field, located east of Failaka Island, suggest the presence of approximately 2.2 billion barrels of light crude oil and 1.5 billion standard cubic feet of gas. This is equivalent to a total of 2.3 billion barrels of oil.

“These are initial figures,” the KPC emphasized, “with a strong likelihood of further improvements and increases in the quantity of hydrocarbon resources across several layers and reservoirs within the newly discovered offshore field.”

This discovery marks a significant milestone for Kuwait’s energy sector, potentially boosting the nation’s oil and gas reserves. The KPC’s findings are expected to have a substantial impact on the country’s future production capabilities and economic prospects.