OPEC member, Kuwait ‘makes commercial oil find’

Oil rig 118 July 2013, News Wires – State-run Kuwait Oil has made a new commercial discovery of oil and gas in a find that could help boost the Opec member’s production, according to reports.

Kuwait Oil chief executive Hashem Sayed Hashem said this week that his company discovered a new oil and gas field in the Kabed area, which is near the producing Manageesh oilfield in western Kuwait, AFP reported, citing the official KUNA news agency.

Hashem did not specify the size of the find; more details would be released at a later date, he said.

Kuwait, a top 10 oil producer, currently pumps about 2.8 million barrels per day of oil and says it has about 100 billion barrels of crude reserves, a number that has been questioned outside of the Gulf state.

The country plans to spend around $100 million in the next five years in an effort to push national production up to 4 million bpd by 2020.

The US Energy Information Administration estimates Kuwait holds 63 trillion cubic feet of natural gas.

– Luke Johnson, Upstream.

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