Kuwait announces ‘huge’ oil and gas discovery in offshore field

Kuwait Oil Co. said it has discovered “huge commercial quantities” of light oil and associated gas in an offshore field, marking a “turning point” in its efforts to explore for offshore hydrocarbons.

The Al-Nukhida field, east of the Gulf state’s Failaka Island, has reserves initially estimated at about 2.1 billion barrels of light oil and 5.1 trillion standard cubic feet of gas, or 3.2 billion barrels of oil equivalent, in the Manageesh stratum, state-owned KOC said on Sunday.