Kuwait discovers oil reserves estimated at 3.2bn barrels

The Kuwait Oil Company (KOC) yesterday announced the discovery of huge commercial quantities of light oil and associated gas in the offshore Al-Nokhatha field, the official state news agency KUNA reported.

“The reserves are estimated at approximately 3.2 billion barrels of oil equivalent,”  the Kuwaiti newspaper Al-Rai cited a senior oil source as stating.

Nawaf Saud Al-Sabah, CEO of Kuwait Petroleum Corporation, stated that the reserves discovered are equivalent to the production of the entire State of Kuwait for three years.

Earlier, the finance minister announced that the projected non-oil revenues amount to four per cent of the gross domestic product (GDP), indicating that the goal is to increase the non-oil revenues to ten per cent of GDP by 2030.

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