Governmental oil sources in Kuwait revealed today, Wednesday, that Kuwait has discovered 9 oil wells since 2018.
The newspaper "Al-Anbaa" quoted high-ranking oil sources as saying that the number of major oil fields and reservoirs that have been discovered in Kuwait since 2018 so far has reached 9 oil wells in 8 major fields.
She indicated that two wells were already transferred to Asset Management, in March of this year.
She explained that these discovered wells are "the Sargelo star in the Umm Al-Rus field, the Lower Fars reservoir, and the Al-Rattawi limestone in the Bahra field. The three fields were discovered in the fiscal year 2018/2019."
During the fiscal year 2019/2020, 6 new wells were discovered; They are “Manaqeesh in the Yabbath field, Heth aquifer in the Rawdatain field, the Lower Marat in the Kahlulah field, Al-Marat in Al-Qash’aniyah, Al-Marat in Homa, and finally Najma Sargelo well in the Kebd field.”
She explained that when any new oil reservoir is discovered, "it goes through a series of stages until it moves from the exploration stage to the production stage, which begins with the stage of locating the potential oil through geological studies, and then moving to the production stage."
She added, "It is handed over to the development of the fields, and then begins production up to the maximum required rates."
She also clarified that the documentary cycle, which starts from exploration to production, known for short (E2P), "in total, takes a maximum of 12 years to complete."
Last January, Kuwaiti Oil Minister Muhammad Al-Faris announced the discovery of two new oil fields, in addition to the discovery of an extension to the northern part of the Great Burgan field.
This information comes in the midst of an unprecedented financial crisis in Kuwait. Due to the collapse of oil prices, due to the Corona pandemic that struck the world early last year.
The Kuwaiti economy was severely affected by the repercussions imposed by the Corona pandemic on the global economy in general and the Gulf in particular, which prompted the government to develop plans for austerity, and others to borrow for years, in an attempt to fix the effects of the pandemic.
In May 2020, the State of Kuwait began exporting its shipments of heavy oil to the global market, which is oil that may enable the Gulf country to fill the gaps opened by the recent slump in oil prices in its economy that relies on oil exports for the bulk of its income.
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