Kuwait Finds New Oil At Home As It Goes Shopping In Tunisia

Kuwait Oil Company (KOC) has announced four oil and gas field discoveries in the northern and western parts of the country after a two-year exploration program. The announcement comes as the emirate’s state-owned companies are actively seeking further acquisitions internationally with the Kuwait Foreign Petroleum Exploration Company (Kufpec) reportedly looking to buy Eni’s upstream assets in Tunisia.

Kuwait’s official news agency Kuna quoted KOC CEO Hashem Hashem as saying the domestic discoveries are of heavy and light oil as well as gas.

No reserve figures were given but Mr Hashem was quoted as saying that the finds would contribute to the nation’s strategic goal of increasing crude output capacity to 4mn b/d by 2030 from a current 3.5 mn b/d, a number that is much higher than MEES estimates of Kuwait’s current capacity. (CONTINUED - 1137 WORDS)