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Tue 16 Jul 2013 01:53 PM

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Kuwait discovers new oil, gas field

Kuwait Oil Co says it discovered an oil and gas field in the country’s west

Kuwait discovers new oil, gas field
oil, energy, GCC oil, GCC energy, Middle East energy, Middle East oil

Kuwait’s state-owned oil company has discovered a new oil and gas field in the country’s west, according to state media agency KUNA.

Kuwait Oil Co CEO Hashem Sayed Hashem told KUNA the field was discovered in Kabed, close to the well-known Manageesh oilfield.

He did not give any estimate of how big the reserves were but said more details would be released at a later date.

According to OPEC, Kuwait has 101.5bn barrels of proven crude oil reserves and 1,784 billion cubic metres of proven gas reserves.

It is pumping about 2.65 million barrels of oil per day, with oil exports accounting for nearly $97bn a year.

The emirate has earmarked around $100 billion to be invested over the next five years on several oil projects such as building a large refinery and upgrading two existing ones, according to AFP.

The investment is part of a long-term plan aimed at boosting oil production capacity to 4.0 million bpd by 2020.

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