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Kuwait Oil Company announces new oil discovery

Staff writer ▼ | March 26, 2016
Kuwait announced the discovery of a new oil and gas field in Al-Jathathil, west region of the country.
Kuwait Oil Company
Oil exploration   Kuwait has around 102 billion barrels in proved oil reserves
Kuwait Oil Company (KOC), the state-owned oil company, said that the discovery represents a significant addition to the national reserves of oil and gas and to the Kuwaiti productivity.

Jamal Abdelaziz Jaafar, KOC’s CEO, told Kuna that preliminary analyses of the underground signal that the field presents high economic viability. The company is performing tests and believes the volume of oil and gas extracted will double until the end of these assessments.

According to Kuna, KOC is implementing an action plan with established goals until 2030, with the purpose of strengthening the country’s position as a large oil producer, in addition to secure the domestic supply of by-products.

Kuwait has around 102 billion barrels in proved oil reserves, Reuters reported based on data from the department of information of the Unites States’ energy sector.

The national output, according to Reuters, is around 3 million barrels per day, but the country plans to increase extraction to 4 million barrels per day until 2020.