Kuwait announces major oil and gas find

The Gulf state of Kuwait has made significant oil and gas discovery in a new oilfield in the north of the country, Oil Minister Sheikh Ali Jarrah al-Sabah announced.
"Initial tests indicate the presence of large quantities of light and high quality oil and huge quantities of associated gas," the minister told the official KUNA news agency.
The minister gave no estimates for the size of the find and no indication of when production might begin.
The find was made in the Dhabi area, south of the Rawdatin oilfield close to the Iraqi border. It is the sixth oilfield to be discovered in the area, the minister said.
Sheikh Ali said the new discovery would provide a major boost for Kuwait’s oil reserves, which are already officially placed at 99 billion barrels.
But the industry newsletter Petroleum Intelligence Weekly questioned the official figures in January last year, saying that reserves stood at just 48 billion barrels, based on internal Kuwaiti records it had seen.
Last year, Kuwait announced its first major free gas discovery, also in the north of the country, and estimated the reserves at one trillion cubic meters (35 trillion cubic feet). It also discovered large quantities of light oil.
Kuwait has long been a major crude producer with some 10% of the world’s reserves and output of around 2.4 million barrels per day (bpd).



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