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Kuwait Unveils Major Oil Field Discovery
In a significant development, Kuwait, an oil-rich nation in the Gulf region of the Middle East, has unveiled the discovery of a substantial new oil field. Sheikh Nawaf Saud Nasir, representing the Kuwait Petroleum Corporation (KPC), announced this major find through a video message on Sunday. KPC, a state-owned entity responsible for the exploration, extraction, and marketing of Kuwait’s fuel oil, revealed that the newly discovered field boasts approximately 320 million barrels of oil reserves. This news was reported by Xinhua on Monday.
The massive oil field is located on Failaka Island in the Persian Gulf, spanning 96 square kilometers. Sheikh Nawaf emphasized that the field’s estimated reserves significantly exceed Kuwait’s current annual oil production. Specifically, the new field contains over three times the amount of petroleum Kuwait produces yearly from its existing mines. Preliminary findings from KPC indicate that the field holds 210 million barrels of petroleum and 510 million cubic feet of fuel gas, totaling an estimated 320 million barrels of mineral oil.
KPC is eager to commence the extraction process from this newly discovered field as soon as possible, marking a pivotal moment for the nation’s oil industry.
Despite the global trend towards reducing reliance on fossil fuels, Kuwait remains heavily dependent on petroleum. While neighboring Gulf countries like Saudi Arabia and the United Arab Emirates have implemented strategies to diversify their economies, Kuwait’s economy continues to be predominantly driven by oil. The nation is home to about 4% of the world’s total oil reserves, with its territory covering 17,818 square kilometers. According to OPEC Plus, the Organization of the Petroleum Exporting Countries, Kuwait is the world’s third-largest oil supplier, producing approximately 104 million barrels of oil annually.
