Kuwait Petroleum Corporation announced a significant oil discovery near Failaka island, with estimated reserves of over 3 billion barrels. KPC's CEO stated that this discovery is equivalent to Kuwait's oil production over three years. The newly discovered oil well spans approximately 96 square kilometers and contains over 2 billion barrels of light oil and over 5 trillion cubic feet of gas.
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00:00It's Benzinga, and here's what's on the block.
00:02Kuwait Petroleum Corporation announced a significant oil discovery in a field near Failaka Island
00:08with estimated reserves of over 3 billion barrels.
00:11KPC's CEO stated that this discovery is equivalent to Kuwait's entire oil production over three
00:16years.
00:17The newly discovered oil well spans approximately 96 square kilometers and contains over 2 billion
00:23barrels of light oil and over 5 trillion cubic feet of gas.
00:26For all things money, visit Benzinga.com.