Kuwait says it has discovered new oil field

Kuwait currently produces 3m barrels per day and aims to raise production capacity to 4m barrels by 2020
Kuwait says it has discovered new oil field
By Reuters
Thu 24 Mar 2016 04:14 PM

Kuwait has made a new discovery of light crude in the western part of the country, which the Kuwait Oil Company said would consolidate the OPEC member country's position as a main oil producer, state news agency KUNA said.

The new field, located in Jathathil, is expected to "constitute an important addition to the company's capacity production capacity and country's reserves from light crude and gas", it said.

Kuwait has an estimated 102 billion barrels of proven oil reserves, according to the US Energy Information Administration.

It currently produces 3 million barrels per day and aims to raise its production capacity to 4 million barrels per day by 2020.

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