Noukhatha discovery boosts Kuwait oil reserves

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KUWAIT CITY, July 28: A reliable source in the Ministry of Oil said Kuwait’s oil reserves have risen from 101,500 to 104.7 billion barrels following the discovery of the Noukhatha offshore field, east of Failaka Island. The new field is estimated to hold approximately 3.2 billion barrels of oil

Moreover, the Al-Durra field, which is shared between Kuwait and Saudi Arabia, has initial estimated reserves of at about 300 million barrels. This brings the total confirmed reserves to approximately 105 billion barrels. The same source emphasized that the Kuwait Oil Company is working to maintain the efficiency of the Burgan field, which has a production capacity of 1.5 million barrels per day while at the same time focusing its efforts on preventing the production from declining and continuously improving the field’s output. The Kuwait Petroleum Corporation (KPC) is also working to boost the country’s production capacity to over 3 million barrels per day by 2025. This goal is achievable through intensified production efforts, ongoing field exploration, and leveraging national expertise. Kuwait’s plan to increase production is being done in coordination with OPEC to align with the global oil market’s needs while at the same time remaining committed to adjusting its production share to help balance global oil prices.

The country’s potential for increased production positions it to possibly expand its share in “OPEC+” similar to the recent increase by the UAE, which raised its share by 300,000 barrels per day since its production is set to grow from 3.2 million barrels per day to 3.5 million barrels early next year. Before these new discoveries, Kuwait’s reserves stood at approximately 101.5 billion barrels. The KPC faces challenges but is dedicated to gradually increasing its oil reserves by providing resources for its affiliated oil companies to discover new wells.