QatarEnergy will supply three million tonnes of liquefied natural gas (LNG) a year under the deal, the Kuwait Petroleum Corporation (KPC) said in a statement.
Kuwait has discovered a significant amount of oil and gas in the Al-Noukhitha offshore field, estimated at around 3.2 billion barrels of oil equivalent.
The discovery includes 2.1 billion barrels of light oil and 5.1 trillion standard cubic feet of natural gas.
Kuwait plans to develop plans for extracting resources from the field as soon as possible, aiming to increase its oil production capacity to 4 million barrels per day by 2035.
Kuwait Petroleum Corporation CEO Al-Sabah: Global oil demand looks robust.
Al-Sabah: U.S. shale production has helped meet part of the recent growth in world oil consumption.
As part of the voluntary OPEC+ cuts, Kuwait has pledged to voluntarily reduce its crude oil production by 135,000 bpd.
OPEC only partially delivered new oil production cuts in the first month of its latest supply pact, according to a report from the group.
Oil prices have nearly erased all year-to-date gains as shrinking refining margins signal weaker demand for oil.
Kuwait aims to boost the country’s oil production capacity to 3.5 million barrels per day in 2030
State-owned Kuwait Oil Co (KOC) has announced plans to award 22 projects to local and foreign firms in the next few months, Zawya Projects reported, citing the Arabic language daily Alanba.
Kuwait plans to invest nearly $19 billion on 10 large oil projects in the next seven years, Zawya Projects reported, citing a local newspaper.
State-owned Kuwait Oil Company has declared what it calls a state of emergency following an onshore oil spill incident in the country’s western region.