Kuwait Oil Company discovers 800M barrels of oil and 600B cubic feet of gas at Al-Jlaiaa, boosting energy ambitions and plans for a 40% production capacity expansion.
Kuwait Oil Company (KOC) has discovered significant hydrocarbon reserves at the Al-Jlaiaa offshore field, with 800 million barrels of medium-density oil and 600 billion cubic feet of gas, according to Arabian Gulf Business Insight (AGBI).
This follows a July 2024 discovery at Al-Nokhatha field with 3.2 billion barrels of oil equivalent.
KOC is conducting a 6,000 sq km exploratory survey to locate more reserves. Kuwait, OPEC’s fifth-largest producer, aims to boost its current production capacity of 2.48 million barrels per day (bpd) to 4 million bpd by 2035. Despite global demand concerns, plans include a 40% capacity expansion, as stated by Khaled Al Sabah, CEO of Kuwait Oil Tanker Company.
Kuwait’s economy contracted 4% in Q3 2024 due to OPEC cuts and weak non-oil performance but is forecasted to recover in 2025, per the Kuwait Statistical Bureau.
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The United Nations Educational, Scientific and Cultural Organization (UNESCO) has warned that escalating conflict in Iran and the wider region is placing multiple World Heritage sites at risk, with reports of damage to historic monuments caused by nearby airstrikes and shockwaves.
Sirens rang out across multiple areas of Israel on Sunday night after missiles were launched from Iran towards the country, the Israeli military said. Earlier, Tehran's top negotiator in talks with the U.S. threatened to target Israeli and American assets in the region, after Israel struck Beirut.
Iran’s Revolutionary Guards (IRGC) said in a statement that its Aerospace Force did not strike the Kuwait Airport passenger terminal on Wednesday, and that the destruction was instead caused by a failed U.S. Patriot missile.
President Donald Trump's swift rejection of Iran's response to a U.S. peace proposal sent oil prices surging higher on Monday amid concerns the 10-week-old conflict will drag on, keeping shipping through the Strait of Hormuz paralysed.
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Paraguay kept their World Cup hopes alive with a hard-fought 1-0 victory over Türkiye, but the celebrations were tempered by a costly red card for veteran forward Miguel Almirón.
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Israel and Hezbollah have agreed to a ceasefire, a senior U.S. official has said. Hezbollah has released a statement saying Israel must leave southern Lebanon. Israel has said it agrees to the ceasefire, but has said its armed forces won't leave Lebanon and will resume hostilities if attacked.
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