Kuwait discovers major oil and gas reserves

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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