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Kuwait announces ‘significant’ oil discovery

January 21, 2025 at 9:39 am

Kuwait’s Minister of Oil and Electricity Bakheet Al-Rashidi arrives at the headquarters of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, on December 5, 2018 [JOE KLAMAR/AFP via Getty Images]

The Kuwait Oil Company yesterday announced the discovery of a new oil reserve in the Al-Julaiah offshore field within its territorial waters.

The company said in a statement, the discovery, estimated at around 950 million barrels of oil equivalent, is set to strengthen the nation’s standing as a global leader in crude oil production and exportation.

According to the statement, tests conducted on the Zubair geological reservoir in the Julaiah 2 exploratory well yielded promising production results. The field spans an area of 74 square kilometres, with reserves estimated at around 800 million barrels of medium-density oil, free of hydrogen sulphide and containing a low percentage of carbon dioxide.

Additionally, the field holds 600 billion standard cubic feet of associated gas, equivalent to 950 million barrels of oil equivalent.

The Julaiah field marks the second marine field discovered under the current exploration plan, following the discovery of the Al-Nukhadha marine field in July 2024.

READ: Kuwait discovered oil reserves estimated at 3.2bn barrels