Kuwait announced the discovery of a giant oil field

(Patria) - Kuwait Petroleum Corporation (KPC) announced on Sunday that it has discovered a "giant" oil well in the al-Nokhatha field east of the Kuwaiti island of Failaka, with oil reserves estimated at 3.2 billion barrels, Reuters reported.

KPC CEO Sheikh Nawaf Saud Nasir al-Sabah said in a video released by the company on social media X that the reserves of the new discovery are equivalent to the country's entire production in three years.

The initial estimated area of the newly discovered oil well is about 96 square kilometers, KPC stated in its announcement.

It added that preliminary estimates of hydrocarbon reserves present in the well are estimated at approximately 2.1 billion barrels of light oil and 5.1 trillion standard cubic feet of gas, equivalent to 3.2 billion barrels of oil equivalent.