Kuwait Oil Company announced a massive oil discovery at the offshore Al-Naqdouh field located in Kuwaiti territorial waters.

According to the company’s statement, the discovered field’s reserves are estimated at 3.2 billion barrels of oil equivalent. Initial estimates indicate that the field’s reserves include 2.1 billion barrels of light oil and 5.1 trillion standard cubic feet of natural gas, equivalent to 3.2 billion barrels of oil equivalent.

Kuwait Oil Company stressed that these are preliminary figures with significant potential for increasing the amount of hydrocarbon resources found in various layers and reservoirs within the discovered field.

Sheikh Nawaf Al-Sabah, CEO of Kuwait Petroleum Corporation, described this discovery as “part of our strategy, as we believe that demand for Kuwaiti crude will reach this number.”

This discovery is a significant boost to the energy sector in Kuwait, the fifth-largest oil producer in OPEC. Kuwait currently produces 2.48 million barrels of oil per day and plans to increase its production to 4 million barrels per day by 2035.