State-owned Kuwait Oil Co. made a “major” discovery in the Jazah natural gas field in the OPEC member’s offshore region.
“The initial exploration well recorded the highest production rate from a vertical well in the Minagish formation in Kuwait’s history,” KOC said in a statement on Monday. The company has made similar announcements for oil and gas offshore discoveries since last year.
Initial tests from the Jazah-1 well revealed “exceptional production exceeding 29 million cubic feet of gas per day, and more than 5,000 barrels per day of condensate,” KOC, a unit of state-owned Kuwait Petroleum Corp., said.
The field’s initial estimated area measures about 40 square kilometers (15.4 square miles), with projections indicating about 1 trillion cubic feet of gas and 120 million barrels of condensate, KOC said.
Kuwait is OPEC’s fifth-biggest producer, with a current output of about 2.52 million barrels a day. It aims to boost capacity to 4 million barrels a day by 2035.
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