The countries that make up the Organization of the Petroleum Exporting Countries (OPEC) control around 70-75% of all proven oil reserves in the world. Although in terms of production they have a share of just over 30%, these economies have almost all the oil on earth. Crude oil reserves are not only unequally distributed globally, they are also distributed within the cartel itself, with a few countries that have a lot of crude oil and others that, although they are producers, barely have oil. In the group of the former, one country stands out due to its small size, its small population and its very high concentration of oil. Furthermore, this country has discovered this summer a new deposit that changes the way the industry in this country workswhich had concentrated all its efforts on searching for crude oil on land (the discovery was at sea), and which could allow it to update its proven crude reserves for the first time in more than five years.
Oil calls oil. At least it seems that way in Kuwait. This country has a population of just over four million people, but its oil reserves are the sixth largest in the world. Kuwait is in the chosen group that has proven reserves that exceed 100,000 million barrels of oil, an amount of crude oil that would give to meet the demand of the entire world for at least three years. As if this were not enough, a recent discovery of crude oil could further increase the oil reserves of this member of the Organization of the Petroleum Exporting Countries (OPEC).
Kuwait is one of the richest countries in the worldthanks to its vast oil wealth. Located in the Persian Gulf, this small country has an economy highly dependent on crude oil. Kuwait produces approximately 2.41 million barrels of oil per day (according to the latest OPEC data), placing it among the top 10 oil producers globally. However, the country’s industry has the capacity to produce more crude oil, but the cuts imposed by OPEC prevent Kuwait from surpassing that. In addition, it has proven reserves of oil of around 101.5 billion barrelsrepresenting between 6 and 8% of global reserves, guaranteeing its role as a key player in the global energy market for decades to come. These reserves are going to be updated for the first time in several years thanks to the enormous discovery in its waters.
Huge potential for oil
Kuwait Oil Company (KOC) announced this summer the discovery of “enormous” commercial quantities of light oil and associated gas in the Al-Nokhatha offshore field, located east of Kuwait’s Failaka Island. ORne of the most notable aspects of Failaka is its archaeological heritage. During the time of the ancient Greeks, under Alexander the Great, the island was colonized as part of the Macedonian Empire. Archaeological excavations have revealed remains of Greek temples. Besides, before Iraq’s invasion of Kuwait in 1990, Failaka was a popular tourist destination for Kuwaitis and expatriates, known for its beaches and traditional houses. Now, this island could become another important oil center within Kuwait.
The initial estimated area of the field is approximately 96 square kilometers, marking a key advance in Kuwait’s exploration of hydrocarbon resources in its offshore area, according to KOC’s own statement. It is estimated that the amount of oil that can be traded is about 3.2 billion barrels.
“These initial findings reveal that there is enormous potential to further enhance and increase the quantities of hydrocarbon resources in various layers and reservoirs within the discovered field”as revealed by KOC. However, although the discovery was made more than two months ago, little by little some details are becoming known that confirm the importance of the discovery.
From the news agency Zawya have recently revealed that a reliable source from the Ministry of Petroleum has confirmed that Kuwait’s oil reserves are going to increase by a factor with this discovery from 101.5 billion barrels to 104.7 billion after the discovery of the field Noukhatha maritime. This is the first upward revision of Kuwait’s oil reserves in about five years, according to data released by OPEC’s annual report.
The discovery is the sea
Kuwait has almost all of its crude oil reserves on land, so this discovery opens a new door for exploration in the country. The launch of the current marine exploration project was based on two-dimensional seismic studies that included geophysical and geological studies to understand the layers and compositions of the earth, identify and secure the best drilling sites and prepare for logistical operations, according to KOC.
KOC revealed that the marine area, which accounts for approximately one-third of the total land area of Kuwait and covers more than 6,000 square kilometersthe first phase includes the drilling of six exploratory oil and gas wells, and subsequent stages will be determined based on the drilling results.
The state signature also has underlined the importance of the exploration project offshore as a national effort with the objective of improving the sustainability of reserves of Kuwait’s hydrocarbons and meet global demand. Additionally, the project contributes to the development of new technical skills in offshore drilling and production, creating various employment opportunities. “Based on the results of the initial tests, a development plan will be established to begin actual production of the field as soon as possible, boosting KOC’s production capacity and laying another cornerstone to achieve its 2040 strategy,” they maintain. from KOC.
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