Kuwait discovers new light crude, gas field

10:52, December 23, 2009      

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Oil-rich Kuwait said Tuesday it has discovered a light crude and gas field in the northwest, as the country moves toward a target of four million barrels per day of crude by 2020.

The field is located in the area of Mutreba and its primary production is estimated at 80,000 barrels per day of light crude and 110 million cubic feet per day of gas, Kuwait Oil Company (KOC)Chairman Sami Al-Rushaid said.

"Preparations are underway to drill for specific wells to test the promising layers in this field," Al-Rushaid said during a ceremony marking KOC's 75th anniversary.

Kuwait sits atop with around 10 percent of the world's proven oil reserves and oil export is the backbone of the emirate' economy.

With 58 percent of oil wells having been developed, Al-Rushaid said Kuwait's oil production capacity stands at around 3.15 million barrels per day.

The fourth largest exporter of the Organization of Petroleum Exporting Countries (OPEC) has set the target of lifting oil output to four million barrels per day by 2020 and to maintain that level for a decade.

Kuwait holds the Great Burgan oilfield in its south, which is the world's second largest oilfield and contributes more than half of the country's oil output.

Source: Xinhua

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