Kuwait Makes Three Oil Discoveries

An oil rig drilling a well at sunrise, owned by Parsley Energy Inc. near Midland, Texas, U.S., May 3, 2017. Picture taken May 3, 2017. REUTERS/Ernest Scheyder
An oil rig drilling a well at sunrise, owned by Parsley Energy Inc. near Midland, Texas, U.S., May 3, 2017. Picture taken May 3, 2017. REUTERS/Ernest Scheyder
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Kuwait Makes Three Oil Discoveries

An oil rig drilling a well at sunrise, owned by Parsley Energy Inc. near Midland, Texas, U.S., May 3, 2017. Picture taken May 3, 2017. REUTERS/Ernest Scheyder
An oil rig drilling a well at sunrise, owned by Parsley Energy Inc. near Midland, Texas, U.S., May 3, 2017. Picture taken May 3, 2017. REUTERS/Ernest Scheyder

Kuwait's Minister of Oil and Minister of Electricity and Water Dr. Mohammad Al-Faris announced Monday the discovery of two new oil fields for the Kuwait Oil Company (KOC) in different regions of the country, in addition to the discovery of the extension for the northern part of the Great Burgan field within the framework of the development operations.

In a statement to Kuwait's State News Agency, AI-Faris said that the first discovery was in a field northwest of the country, while the second in Al-Qash'aniya north kuwait.

The discovery acquires great economic importance as it sheds light on the large undiscovered areas in the western and northwestern part of Kuwait, which contribute directly to increasing oil reserves and production capacity, according to KOCT's 2040 strategic plan, he said.

Al-Faris also noted the two new discoveries add strategic importance to the northern part of Kuwait, as the area has not been explored before.

A conventional oil field was also discovered in the north of the Great Burgan field, as oil flowed in commercial quantities from several wells drilled during 2020 to determine the extent of the field at a daily production rate of more than 2,000 barrels, according to Al-Faris.

The results reached give KOC access to easy and low-cost reserves, which supports the company's efforts to maintain its competitive advantage between countries and oil companies, indicating that the company will drill new wells in the discovered fields to boost production quantities, he said.

Al-Faris praised the success of KOC in achieving these three discoveries in 2020 despite all the conditions that the country faced in light of the emerging covid-1 outbreak.



Saudi Mining Licenses Reach 2,401 by End of 2024

Saudi Mining Licenses Reach 2,401 by End of 2024
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Saudi Mining Licenses Reach 2,401 by End of 2024

Saudi Mining Licenses Reach 2,401 by End of 2024

The Saudi Ministry of Industry and Mineral Resources announced on Sunday that the number of valid mining licenses in the Kingdom has reached 2,401 by the end of 2024.

The licenses cover various categories, including mining, exploration, reconnaissance, building materials quarries, and small mine operations.

According to the 2024 Mining Sector Indicators Bulletin, issued by the National Industrial and Mining Information Center, the majority of these licenses were granted for building materials quarries (1,481), followed by exploration (642), mining and small mining exploitation (215), reconnaissance (41), and surplus mineral ore extraction (22).

The bulletin serves as a critical tool for monitoring developments in the mining sector, tracking both existing and newly issued licenses across various regions of the Kingdom. By boosting transparency and providing accurate data, the initiative supports investors and decision-makers in making informed choices that contribute to the sector’s growth and sustainability.