LIVE UPDATES
The Durra gas field will undergo drilling and construction work later this year following the completion of engineering studies in the summer, according to Kuwait Petroleum Corporation’s (KPC) CEO Sheikh Nawaf Saud Al-Sabah in a statement to Reuters on Thursday.
Saudi Arabia and Kuwait assert their joint ownership of natural resources in Durra, while Iran also claims a stake in the Gulf's gas field.
Sheikh Nawaf stated that the company plans to invest 7 billion Kuwaiti dinars ($22.92 billion) in its upstream operations over the next five years.
Additionally, KPC aims to achieve a production capacity of 3.2 million barrels per day (bpd) by the end of this year, with plans to increase it to 4 million bpd by 2035.
The CEO of Kuwait Petroleum Corporation also mentioned to CNBC Arabia that production operations in offshore reservoirs typically take seven years, but they anticipate commencing production from the Al-Nokhatha field within a shorter timeframe.
This oil and gas discovery at Al-Nokhatha field aligns with Kuwait’s strategy to elevate its capacity to 4 million bpd by 2035.
Furthermore, State-owned Kuwait Oil Company (KOC) announced preparations to start drilling six new exploratory wells in the country’s territorial waters, which are known to contain substantial hydrocarbon resources.
This announcement follows KPC's statement about a "giant" oil discovery in the Al-Nokhatha field, estimating oil reserves at 3.2 billion barrels.
