Kuwait Makes Four New Oil Discoveries

Source: Qatar News Agency 4/19/2015, Location: Middle East

Kuwait Oil Company (KOC) Executive Officer Hashem Hashem discovered four oil fields and two wells in the north and west of Kuwait, which would boost Kuwait's oil production.

The new discoveries came after exploration operations conducted by state-owned KOC over the past two years and announced today, Hashem said in a statement carried by Kuwait News Agency (KUNA).

KOC, he added, continued its operations despite declining oil prices last year. These new discoveries are promising indications, said Hashem, and that "development process will take place now and production will start in a short period." Three fields were discovered north of Al-Manageesh field, west of Kuwait, and Al-Rawdhatain and Umm Neqa fields, north of Kuwait, containing high-quality light crude, Hashem said.

Initial examinations showed further capabilities to produce light crude and gas. These discoveries would boost Kuwait's oil reserve and contribute to boosting long-term crude oil production to ultimately achieve the 2030 strategy, Hashem added.


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