Kuwait Oil Company announced today, Sunday, the discovery of huge commercial quantities of light oil and associated gas in the Al-Nukhdha offshore field, located east of Failaka Island in Kuwaiti economic waters.
The company said in a statement reported by the Kuwait News Agency that the initial estimated area of the field is approximately 96 square kilometers, and noted that this discovery represents an important turning point.
She explained that the initial estimates of the hydrocarbon resources reserve are estimated at about 2.1 billion barrels of light oil and 5.1 trillion standard cubic feet of gas, equivalent to 3.2 billion barrels of oil equivalent.
The company indicated that this data is preliminary, with great potential to enhance and increase the amount of hydrocarbon resources in different layers and reservoirs in the discovered offshore field.
The company stressed the importance of the new discovery as a “national project aimed at enhancing the State of Kuwait’s hydrocarbon reserves, in addition to ensuring the sustainability of the availability of new hydrocarbon resources to meet global demand.”
CEO of Kuwait Petroleum Corporation Sheikh Nawaf Saud Al-Nasser Al-Sabah reviews the financial results of the corporation and its subsidiaries for the fiscal year (2023-2024)#KUNA_Video#KUNA #Kuwait pic.twitter.com/phMDWLlJzB
— KUNA (@kuna_ar) July 14, 2024
For his part, the CEO of the Kuwait Petroleum Corporation, Sheikh Nawaf Saud Nasser Al-Sabah, said in a video clip on “X” that the reserves of the new discovery are equivalent to the country’s total production in 3 years.
He added, “The huge discovery will open up a wide field in the Kuwaiti continental shelf, in addition to our ongoing work in the Dorra field, whose proven reserves are estimated at about 20 trillion cubic feet, as the Kuwait Gulf Oil Company is completing engineering studies and working on preparing the field’s infrastructure.”
Sheikh Nawaf Al-Sabah confirmed that the net profits of the state-owned Kuwait Petroleum Corporation exceeded 1.45 billion dinars ($4.74 billion) in the fiscal year ending March 31.
Kuwait Oil Company announces the discovery of huge commercial quantities of light oil and associated gas in the “Al-Nukhdha” marine field, located east of Failaka Island in Kuwaiti economic waters.
The estimated initial area of the field is approximately 96 square kilometers.
– The discovery represents a significant turning point in the company’s efforts to explore resources… pic.twitter.com/27oHfQKohZ
— KUNA (@kuna_ar) July 14, 2024
Expected deficit
In another context, the Kuwaiti Ministry of Finance said today, Sunday, that the budget approved by the government is expected to achieve a deficit of 5.6 billion dinars ($18.33 billion) in the current fiscal year 2024-2025, and that expenditures will amount to 24.5 billion dinars ($80.19 billion), while revenues will amount to 18.9 billion dinars ($61.85 billion).
The ministry added in a statement on the state’s financial situation that non-oil revenues should be doubled to 4 billion dinars ($13.09 billion) in the 2027-2028 budget to reduce dependence on oil.
She explained that the liquidity of the State General Reserve Fund – from which the budget deficit is financed – decreased to 2 billion dinars ($6.54 billion) last March from 33.6 billion dinars ($110 billion) in March 2014 due to the increase in withdrawals.
The statement indicated the need to stabilize government spending at 24.5 billion dinars ($80.18 billion) in the 2027-2028 budget to control budget growth.
