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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Start your day informed with AnewZ Morning Brief. Here are the top news stories for the 22nd of August, covering the latest developments.
Kazakhstan has concluded its first election to the new unicameral Kurultai, with turnout reaching 74.19 per cent, as vote counting begins following a major overhaul of the country’s parliamentary system.
Azerbaijan and Uzbekistan have elevated bilateral ties with a Treaty on Eternal Friendship signed by Presidents Ilham Aliyev and Shavkat Mirziyoyev in Tashkent on 23 August. The leaders also agreed to expand trade, investment, transport, and regional cooperation.
Syria has called for international action after an Israeli drone strike hit a civilian vehicle near Damascus, warning that continued Israeli attacks could deepen instability and put civilians at greater risk.
Pakistan says it has added 12 sites to its UNESCO World Heritage Tentative List, taking the total from 25 to 37 and widening the country's roster of potential future nominations.
Uzbekistan and Georgia have launched an electronic permit system for international road freight, replacing paper documents in a move aimed at speeding up cross-border transport and cutting bureaucracy.
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