Kuwait prepares to announce “large” oil discoveries

KUWAIT, Dec. 30 (YPA) – The oil sector in the State of Kuwait, an OPEC member, is preparing to announce “huge” oil discoveries, according to a media report.

Informed sources told the Kuwaiti newspaper “Al-Rai” that the oil sector in Kuwait is preparing to announce these discoveries soon.

The sources reported that the Board of Directors of the Petroleum Corporation, in a recent meeting chaired by Minister of Oil, Electricity and Water Mohammed Al-Faris, approved “the preparation for exit from several oil projects and the sale of some foreign assets of the International Petroleum Corporation in Europe.”

The sources did not mention further details about the new oil discoveries, including the expected quantities or the locations of the new fields.

The OPEC member state is one of the world’s leading oil producers, with a rate of up to two million barrels per day.

YPA