Kuwait discovers four new oil fields

Kuwait has discovered four oil fields and two new hidden oil sources in northern and western regions of the country, the CEO of the state-run oil company has revealed yesterday.

Hashim Hashim, CEO of Kuwait Oil Company, said these new discoveries will enhance the status of Kuwait as an oil producer in global markets.

He added that this achievement came as a result of exploratory operations which were carried out by the company over the past two years.

He explained that the company was able to continue its work despite the challenges it faced, especially during the last year which saw a sharp decline in oil prices and the huge decrease of the price per barrel, which decline by half.

Kuwait’s production of crude oil is currently 2.9 million barrels per day, and oil revenues make up 94 per cent of the country’s total public revenue.

Hashim said the areas are promising and “they will be developed and become productive in a short time.”

He confirmed that such discoveries will play an important role in maintaining the status of Kuwait and help it remain at the forefront of the oil-producing countries.