Kuwait, Opec’s fifth-largest crude producer, said it has discovered “huge commercial quantities” of oil and gas, which is a breakthrough in the Gulf state’s push to boost its hydrocarbons reserves. The announcement comes as the country reported a multibillion deficit for the upcoming fiscal year.
Preliminary estimates suggest the latest discovery at the Al-Nokhatha field east of the Kuwaiti island of Failaka, could yield about 2.1 billion barrels of light oil and 5.1 trillion standard cubic feet of gas, which corresponds to approximately 3.2 billion barrels of oil equivalent, according to the Kuwait Oil Company.
“These initial findings indicate huge potential to further enhance and increase hydrocarbons resource quantities in various layers and reservoirs within the discovered field,” KOC said in a statement on Sunday carried by state news agency Kuna.
The initial estimated area of the newly discovered oil well is around 96 square kilometres and the reserves are equivalent to the country's entire production in three years, chief executive of KOC parent, Kuwait Petroleum Corporation, Sheikh Nawaf Al-Sabah said in a video posted on the company’s account on X.
The daily production of from Al-Nokhatha well is about currently 2,800 barrels of light oil and 7 million cubic meters of associated gas.
“Based on initial test results, a development plans will be established to commence actual production from the field at the earliest opportunity, boosting KOC’s production capacity,” the company said.
Government expenditure
Kuwait, which relies heavily on sale of hydrocarbons to fuel its economy has benefited from a rise in oil prices this year, but the government still needs to control spending to cut its budget deficit.
Kuwait's budget is projected to show a deficit of 5.6 billion dinars ($18.33 billion) for the 2024-2025 fiscal year, with expenses estimated at 24.5 billion dinars and revenue at 18.9 billion dinars, Reuters cited Kuwait’s Ministry of Finance as saying on Sunday.
Government spending must be fixed at 24.5 billion dinars in the 2027-2028 budget to control budget growth, it added.
The liquidity of the General Reserve Fund, from which the budget deficit is financed, decreased to 2 billion dinars last March from 33.6 billion ten years ago due to increasing withdrawals, the ministry said.
Regional discoveries
Kuwait’s announcement is the latest in the string of the discoveries made by the other member of the GCC, which accounts for the about a third of the world’s proven oil reserves.
Saudi Arabia, Opec’s biggest oil producer, earlier this month said it has discovered seven oil and gas deposits in the kingdom's Eastern Province and Empty Quarter.
State-run energy company Saudi Aramco discovered “two unconventional oilfields, a reservoir of light Arabian oil, two natural gasfields, and two natural gas reservoirs”, Saudi Press Agency said at the time, citing Energy Minister Prince Abdulaziz bin Salman.
The Al-Ladam unconventional oilfield, located in the Eastern Region, was discovered after an exploratory well produced oil at a rate of 5,100 barrels per day, along with about 4.9 million standard cubic feet of gas daily.
The Al-Farouk unconventional oilfield, also in the Eastern Province, was identified following the flow of Arab ultralight oil from the Al-Farouk-4 well, producing 4,557 bpd of oil along with about 3.79 million standard cubic feet of gas per day.
Meanwhile, at the Unaizah B/C reservoir, located in the Mazalej area, the Mazalej-62 well started producing light Arabian oil at a rate of 1,780 bpd.
Two natural gasfields and two reservoirs were also discovered in the Empty Quarter, a large desert expanse covering the southeastern part of the country.
The kingdom did not quantify the aggregate estimated oil and gas reserves through the new discoveries.
In May, Sharjah discovered new gas reserves in the onshore Al Hadiba field.
The emirate, however, did not reveal the volumes of gas discovered as it has yet to test the field located north of the Al Sajaa Industrial Area in Sharjah, which has “promising quantities” of gas reserves, the Sharjah Government Media Bureau said at the time.
Though, the last hydrocarbon’s discovery in Kuwait is seemingly bigger than the recent string of reserves discovered elsewhere in the region, it is smaller than those announced in the past few years.
In 2020, the UAE announced 80 trillion cubic feet of shallow gas reserves in an area straddling the emirates of Abu Dhabi and Dubai, the biggest find in 15 years.
The Turkmen gasfield – the world's second-largest – was discovered in 2005 and is estimated to hold about 500 trillion cf of gas.
The announcement followed, Adnoc’s discovery of additional reserves of 7 billion “stock tank” barrels of oil, 58 trillion cf of conventional gas and 160 trillion cf of unconventional gas in November 2019.
The Abu Dhabi-controlled company in 2022, Adnoc announced further discoveries of natural gas in Abu Dhabi’s Offshore Block 2 exploration concession operated by Eni.
The discovery indicated one trillion to 1.5 trillion (scf) of raw gas, almost doubling the discovered field volume, from the initial finding to 2.5-3.5 trillion scf.
The demand for natural gas in the coming decades is expected to rise globally amid decarbonisation efforts, according to the Gas Exporting Countries Forum.
Based on initial test results, a development plans will be established to commence actual production from the field at the earliest opportunity, boosting KOC’s production capacity
Kuwait Oil Company
Global demand for natural gas will rise to 5.36 trillion cubic metres in 2050 from 4.02 trillion cm in 2022, the GECF, a 19-member intergovernmental platform of gas exporters, said in its global gas outlook report in March.
Demand is expected to rise by 1.5 per cent per annum from 560 billion cm in 2022 to 855 billion cm by 2050, driven by economic growth and demographic trends as well as plans to displace oil products in power generation to cut emissions.
Total global gas production is also forecast to grow by 33 per cent to reach 5.3 trillion cm by 2050, with the Middle East region adding 465 billion cm during the period.
Like the other oil-producing countries in the Middle East, Kuwait is the looking to boost its crude oil and natural gas production.
Last year, Kuwait announced plans to raise its oil production capacity to 3.15 million barrels per day with in the next four years, from 2.7 million bpd level at that time.
Kuwait, which has the world’s seventh-largest oil reserves, said it will its natural gas output by about 79 per cent to 930 million cfpd in the same period, as it set the refining capacity target of 1.45 million bpd.
The country aims to achieve crude oil production capacity 4 million bpd by 2035 and maintain until the end of the next decade, according to Kuwait Petroliul Corporation 2040 strategy.
The company aims non-associated gas production in Kuwait to reach 2 billion scfpd by 2040.
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COMPANY%20PROFILE
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Disturbing%20facts%20and%20figures
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UAE currency: the story behind the money in your pockets
Killing of Qassem Suleimani
Killing of Qassem Suleimani
The Voice of Hind Rajab
Starring: Saja Kilani, Clara Khoury, Motaz Malhees
Director: Kaouther Ben Hania
Rating: 4/5
UAE currency: the story behind the money in your pockets
Farage on Muslim Brotherhood
Nigel Farage told Reform's annual conference that the party will proscribe the Muslim Brotherhood if he becomes Prime Minister.
"We will stop dangerous organisations with links to terrorism operating in our country," he said. "Quite why we've been so gutless about this – both Labour and Conservative – I don't know.
“All across the Middle East, countries have banned and proscribed the Muslim Brotherhood as a dangerous organisation. We will do the very same.”
It is 10 years since a ground-breaking report into the Muslim Brotherhood by Sir John Jenkins.
Among the former diplomat's findings was an assessment that “the use of extreme violence in the pursuit of the perfect Islamic society” has “never been institutionally disowned” by the movement.
The prime minister at the time, David Cameron, who commissioned the report, said membership or association with the Muslim Brotherhood was a "possible indicator of extremism" but it would not be banned.
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The five pillars of Islam
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
THE SIXTH SENSE
Starring: Bruce Willis, Toni Collette, Hayley Joel Osment
Director: M. Night Shyamalan
Rating: 5/5
Dubai World Cup factbox
Most wins by a trainer: Godolphin’s Saeed bin Suroor(9)
Most wins by a jockey: Jerry Bailey(4)
Most wins by an owner: Godolphin(9)
Most wins by a horse: Godolphin’s Thunder Snow(2)
Killing of Qassem Suleimani
Profile of MoneyFellows
Founder: Ahmed Wadi
Launched: 2016
Employees: 76
Financing stage: Series A ($4 million)
Investors: Partech, Sawari Ventures, 500 Startups, Dubai Angel Investors, Phoenician Fund
Company profile
Company name: Suraasa
Started: 2018
Founders: Rishabh Khanna, Ankit Khanna and Sahil Makker
Based: India, UAE and the UK
Industry: EdTech
Initial investment: More than $200,000 in seed funding
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GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
THREE
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THE%20SWIMMERS
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Yuki Means Happiness
Alison Jean Lester
John Murray
Zayed Sustainability Prize
Blackpink World Tour [Born Pink] In Cinemas
Starring: Rose, Jisoo, Jennie, Lisa
Directors: Min Geun, Oh Yoon-Dong
Rating: 3/5
ABU DHABI CARD
5pm: UAE Martyrs Cup (TB) Conditions; Dh90,000; 2,200m
5.30pm: Wathba Stallions Cup (PA) Handicap; Dh70,000; 1,400m
6pm: UAE Matyrs Trophy (PA) Maiden; Dh80,000; 1,600m
6.30pm: Sheikha Fatima bint Mubarak (IFAHR) Apprentice Championship (PA) Prestige; Dh100,000; 1,600m
7pm: Sheikha Fatima bint Mubarak (IFAHR) Ladies World Championship (PA) Prestige; Dh125,000; 1,600m
8pm: Sheikh Zayed bin Sultan Al Nahyan Jewel Crown (PA) Group 1; Dh5,000,000; 1,600m
SPECS
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More coverage from the Future Forum
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
Indoor cricket in a nutshell
Indoor cricket in a nutshell
Indoor Cricket World Cup - Sept 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
All or Nothing
Amazon Prime
Four stars
Points to remember
- Debate the issue, don't attack the person
- Build the relationship and dialogue by seeking to find common ground
- Express passion for the issue but be aware of when you're losing control or when there's anger. If there is, pause and take some time out.
- Listen actively without interrupting
- Avoid assumptions, seek understanding, ask questions
The alternatives
• Founded in 2014, Telr is a payment aggregator and gateway with an office in Silicon Oasis. It’s e-commerce entry plan costs Dh349 monthly (plus VAT). QR codes direct customers to an online payment page and merchants can generate payments through messaging apps.
• Business Bay’s Pallapay claims 40,000-plus active merchants who can invoice customers and receive payment by card. Fees range from 1.99 per cent plus Dh1 per transaction depending on payment method and location, such as online or via UAE mobile.
• Tap started in May 2013 in Kuwait, allowing Middle East businesses to bill, accept, receive and make payments online “easier, faster and smoother” via goSell and goCollect. It supports more than 10,000 merchants. Monthly fees range from US$65-100, plus card charges of 2.75-3.75 per cent and Dh1.2 per sale.
• 2checkout’s “all-in-one payment gateway and merchant account” accepts payments in 200-plus markets for 2.4-3.9 per cent, plus a Dh1.2-Dh1.8 currency conversion charge. The US provider processes online shop and mobile transactions and has 17,000-plus active digital commerce users.
• PayPal is probably the best-known online goods payment method - usually used for eBay purchases - but can be used to receive funds, providing everyone’s signed up. Costs from 2.9 per cent plus Dh1.2 per transaction.
TICKETS
Tickets start at Dh100 for adults, while children can enter free on the opening day. For more information, visit www.mubadalawtc.com.
'Worse than a prison sentence'
Marie Byrne, a counsellor who volunteers at the UAE government's mental health crisis helpline, said the ordeal the crew had been through would take time to overcome.
“It was worse than a prison sentence, where at least someone can deal with a set amount of time incarcerated," she said.
“They were living in perpetual mystery as to how their futures would pan out, and what that would be.
“Because of coronavirus, the world is very different now to the one they left, that will also have an impact.
“It will not fully register until they are on dry land. Some have not seen their young children grow up while others will have to rebuild relationships.
“It will be a challenge mentally, and to find other work to support their families as they have been out of circulation for so long. Hopefully they will get the care they need when they get home.”
Mohammed bin Zayed Majlis
