Kuwait says finds four new promising oilfields

Kuwait, which plans to boost oil output capacity by a third by 2020, has discovered four new oilfields in the north and west of the country, a top oil official was quoted as saying by state news agency KUNA on Sunday.

Hashem Hashem, the chief executive of state-run Kuwait Oil Co (KOC), did not give production rates of the new oilfields, but said exploration activities have moved ahead despite oil prices dropping nearly 50 percent since last June.

“The (new) fields will be developed and production will start briefly,” he said, adding that the new discoveries had been announced after two years of exploration activities had proved positive.

Two reservoirs for unconventional oil in the north of the country were also discovered, Hashem said.

The grades found in the fields were both light and heavy oil, with preliminary results showing “huge commercial volumes,” KUNA quoted Hashem as saying.

Kuwait plans to boost its oil and gas drilling rigs by 50 percent by early 2016 as it seeks to boost crude and gas production despite low oil prices, Hashem said in February.

Most of Kuwait’s production is from Burgan, the world’s second largest, which is in the southeast of the country.

Kuwait’s current output potential is around 3 million barrels per day, but the country wants to lift this to 4 million bpd by 2020.

The Gulf Arab country expects a big boost from its northern fields, planning later this year to invite international oil firms to bid for technical service agreements in the area.