Kuwait city: A Kuwait-hosted energy youth forum serves as a launchpad towards a safer and more secure future for the oil industry, the deputy chief executive of Kuwait Foreign Petroleum Exploration Company (KUFPEC) said on Monday. The two-day gathering is also a testament to national ambitions over bolstering Kuwait's oil exploration work, Tariq Ibrahim said in his speech to open the forum, underlining KUFPEC's firm backing of efforts aiming to keep growth in the oil industry on an upward trajectory.
According to Kuwait News Agency, the growing significance of the energy youth forum has transformed the event into a "strategic point" for constructive discussions over oil production and exploration. This year's edition featured international participation for the first time. The forum encompasses a series of discussions about pressing matters, including the use of emerging technologies such as artificial intelligence tools to advance exploration operations, especially as identifying new locations for such work remains a "challenge," the official added.
Addressing the gathering, Kuwait Oil Company's (KOC) deputy chief executive for planning and innovation Mohammad Al-Abduljaleel said that offshore oil exploration work has made progress over the years, leading to the development of national hydrocarbon resources. Among such accomplishments is the discovery of Kuwait's Nokatha oil field, with preliminary estimates showing it is expected to produce approximately 2.1 billion barrels of light crude and 5.1 trillion cubic feet of gas, equivalent to 3.2 billion barrels of oil.
These accomplishments help boost morale and confidence as KOC looks to journey into the "next phase" of offshore oil exploration work, in line with its long-term strategies and goals, added the official.