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Kuwait's oil company has reported a major oil discovery east of Failaka Island, with reserves estimated at 3.2 billion barrels. The company's CEO, quoted by AFP, stated that these deposits could sustain the country's production for three years.
Bloomberg noted that Kuwait has invested tens of billions of dollars in recent years to upgrade and construct new refineries. The most notable of these investments is the Al-Zour refinery, one of the world's largest, with a capacity to process 615,000 barrels of crude oil per day.
Kuwait's oil and gas sector is crucial to its economy, contributing nearly 60% of its GDP and 95% of its export earnings. Recently, Saudi Arabia also announced the discovery of new oil fields.
The discovery in Kuwait comes as part of ongoing efforts to enhance the country's oil production capabilities and maintain its status as a leading oil producer.
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