Kuwait: Major oil and gas discovery in territorial waters
Through its ongoing offshore drilling program, and 6 months after the discovery of the Al-Nukhdha offshore field in economic waters with oil reserves estimated at 3.2 billion barrels of oil equivalent (2.1 billion barrels of oil, 5.1 trillion cubic feet of gas), Kuwait Oil Company recently announced the discovery of the Julaia 2 well, which is the second major oil discovery in its territorial waters.

The discovered Julaia offshore field extends over an area of 74 square kilometers, and contains 800 million barrels of medium-density oil, in addition to 600 billion cubic feet of gas, which is approximately equivalent to 950 million barrels of oil equivalent.

1. Ahmed Jaber Al-Eidan, CEO of Kuwait Oil Company, says that Kuwait’s territorial waters contain large and promising hydrocarbon potential. Therefore, the company is carrying out sustainable exploration operations in the entire Kuwaiti maritime area, which exceeds 6,000 square kilometers.
   Kuwait is the fifth largest oil producer in OPEC, with current production of about 2.5 million barrels per day. Kuwait aims to raise its production capacity to 4 million barrels per day by 2035.