Kuwait Announces Massive Offshore Oil and Gas Discovery

One of the Middle East’s largest oil producers, Kuwait, announced on Sunday a “huge” discovery of oil and associated gas in an offshore field east of Failaka Island.  Preliminary estimates have shown that reserves at the Al-Noukhitha offshore field could be about 3.2 billion barrels of oil equivalent of light oil and gas, Kuwait Petroleum Corporation said during a meeting with the Emir of Kuwait, Sheikh Mishal Al-Ahmad Al-Jaber Al-Sabah.  Reserves could be 2.1 billion barrels of light oil and 5.1 trillion standard…