LOC16:39
13:39 GMT
The Organization of Arab Petroleum Exporting Countries (OAPEC)
KUWAIT, May 20 (KUNA) -- The Organization of Arab Petroleum Exporting Countries (OAPEC) said on Sunday it made nine new discoveries last year, with five being oil-related ones and four natural gas findings.
OAPEC member nations are eager to ratchet up their oil and gas reserves through an increase in production capacity, which, in turn, leads to more oil discoveries at a time where global energy demand has soared, the Kuwait-based regional bloc said in a statement to KUNA.
Among the discoveries is a sprawling oil field in Egypt expected to churn out around 2.7 billion cubic feet of natural gas by the year 2019, the statement revealed.
Meanwhile, Bahrain has stumbled upon a massive rock oil field that could be the catalyst for a myriad of large-scale development projects in the Gulf kingdom, it added.
Meanwhile, proven oil reserves in OAPEC member states are worth 706.8 billion barrels, accounting for 48.8 percent of the world's oil reserves, while the bloc owns 27 percent of global gas reserves with 53.5 trillion cubic feet of gas. (end)
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