Thursday, July 20, 2006

Kuwait to restate oil reserves?

Could be interesting:
LONDON -(Dow Jones)- Kuwait's new Oil Minister Sheikh Ali Al Jarah Al Sabah said in his first public statement Tuesday that the country would clarify its actual oil reserves, following a report that they stood at less than half the claimed volume.

In a statement published on the Kuwait Oil Ministry's Web site, Sheikh Ali said he had "undertaken to clarify the truth and volume of Kuwaiti oil reserves" for lawmakers and ministers over the next few days.

Kuwait publicly boasts 100 billion barrels of oil reserves but a report some months ago by Petroleum Intelligence Weekly said internal Kuwaiti records suggested the volume was only 48 billion barrels.

Sheikh Ali said the issue "is a very significant matter and soon the volume and truth of oil reserves will be announced based on clear scientific studies, characterized by reality and credibility, and supported by international documents and certificates."

He added he will discuss the reserves issue in detail with officials from the state-run Kuwait Petroleum Corp., in whom "I have a full confidence in KPC's ability and competencies."

No comments: