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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.
A fourth U.S. service member has died following injuries sustained during Iran’s initial attacks in the region, the U.S. military confirmed on Monday
Hungary has decided to release 250,000 tons of oil from its strategic reserves to support the domestic market after the suspension of deliveries via the Druzhba pipeline.
Teams of volunteers searching for the missing fishing vessel near Sozopol have discovered an oil spill in the sea at the point where the ship’s signal was last detected.
Bulgaria has officially secured a 10 per cent stake in a consortium engaged in oil and gas exploration in the Black Sea, becoming a direct investor in the development of the country’s offshore energy resources.
The United States has completed its first sale of Venezuelan oil under the Donald Trump administration, with the transaction valued at USD 500 million (around BGN 1.1 billion / €460 million)
Bulgaria is set to take an active role in oil and gas exploration in the Black Sea, joining forces with international energy companies OMV and NewMed, outgoing Energy Minister Zhecho Stankov announced
The Bulgarian Ministry of Interior has assigned security to European Prosecutor Teodora Georgieva after she reported pressure and threats linked to investigations conducted by the European Public Prosecutor’s Office in Bulgaria
Germany has warned that the war involving Iran could trigger a new migration wave toward Europe, as the conflict continues to create instability across the region
The European Union and Hungarian opposition figures have sharply criticized Ukrainian President Volodymyr Zelensky over recent comments directed at Hungarian Prime Minister Viktor Orban, describing them as a threat
The Ministry of Justice has officially received a report from Teodora Georgieva, Bulgaria's European Prosecutor, detailing pressure, threats, and attempts to undermine the authority of the European Public Prosecutor’s Office
NATO has stepped up the readiness of its missile defense systems following an Iranian ballistic missile attack targeting Turkey, a spokesperson for the Alliance’s military headquarters in Mons, Belgium, Martin L. O'Donnell, confirmed to DPA.
The ongoing conflict in the Middle East is expected to have immediate implications for the security of the European Union, according to the European policing agency Europol
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