Kuwait discovers new oil and gas field

oil well kuwait-dani simmonds sxc.huKuwait is currently pumping around three million bpd. (Image source: Dani Simmonds/sxc.hu)Kuwait Oil Company (KOC) has announced that it has discovered a new oil and gas field onshore Kabed, close to the Manageesh oilfield

Hashem Sayed Hashem, chief executive officer of KOC, however, gave no estimates of the reserves in the field located in western Kuwait.

Organisation of the Petroleum Exporting Countries (OPEC) member Kuwait is currently pumping around three million bpd and is expected to have about 100bn barrels of crude reserves.

According to Kuwait's Ministry of Oil, the Middle East country has earmarked around US$100bn to be invested over the next five years on several oil projects, including the building of a large refinery and the upgrading of two existing ones.

The investment will likely form part of the state's long-term plan to boost oil production capacity to four million bpd by 2020.

 

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