Discovered new huge oil reserves in Kuwait

September 9, 20150 Comments

land-based-oil-drilling-rig-2Kuwait has discovered large quantities of crude oil in several strategic areas that could potentially increase the country’s production levels to 3.3 million barrels in two years, Al-Khaleej has reported. According to the news agency, seismic surveys conducted by the Kuwait Oil Company (KOC) on several areas of sea and land confirmed the presence of huge reserves of crude oil.

Sources told local press that the discovered reserves herald good news for Kuwait in the coming years with regards to increasing the country’s oil and gas reserves and increasing its production capacity, as well as both the quantity and quality of extracted oil.

The sources added that the seismic surveys of marine areas conducted by KOC and the Kuwait Gulf Oil Company proved that some of the offshore and onshore fields have extended reserves, thus enhancing the quantity of those reserves and increasing future production quantities.

Kuwait’s current production rate is around 2.9 million barrels per day, and the Kuwait Oil Company was able to compensate for the lost production quantities from the Al-Wafrah and Al-Khafji oil field during the last period.

Meanwhile, sources said the amount of heavy oil in the north of Kuwait will increase with the new discovery, pointing out that the heavy oil production is likely to increase to 3.3 million barrels a day.

Source : MIddle East Monitor

Kuwait News

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