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29 March 2024

Kuwait discovers four new oilfields with 'huge commercial volumes'

Dealers have been hoping that a slowdown in US output could help ease the build-up of global crude reserves. (Supplied)

Published
By Wam

Kuwait has discovered four new oilfields in the north and west of the country, a top oil official was quoted as saying on Sunday.

In a statement to Kuwait News Agency (Kuna), Hashem Hashem, the CEO of Kuwait Oil Co, said exploration activities have moved ahead despite the declining oil prices.

"The (new) fields will be developed and production will start briefly," he said, adding that the new discoveries had been announced after two years of exploration activities had proved positive.

Two reservoirs for unconventional oil in the north of the country were also discovered, Hashem said.

The grades found in the fields were both light and heavy oil, with preliminary results showing “huge commercial volumes,” Kuna quoted Hashem as saying.