Kuwait forms committee to oversee foreign oil investment

Aug 20, 1999 02:00 AM

Kuwaiti Oil Minister Sheikh Saud Nasser al-Sabah has formed a committee to oversee the proposed development of the emirate's northern oil fields by the world's oil majors.
Sheikh Saud himself will head the committee, backed by the deputy chairman of state-owned KPC, Nader Sultan. "The committee was assigned with following up works and procedures relating to the state's project to seek assistance of the world's oil majors to develop production of Kuwaiti oil wells," KUNA said.

In December last year Sheikh Saud said that IOCs would invest up to $ 7 bn to develop oil fields neighbouring Iraq over the next 5 years. These fields include the northern Rawdatain, Sabriya, Ratqa, Abdali and Bahra oilfields and the western Minaqish and Um Ghudair fields, which have combined reserves of 16 bn barrels.
All the proposed fields are already operational, producing 590,000 bpd or 29 % of current production. But Kuwait wants to raise their production to about 1.3 mm bpd by 2005. "We are hoping to get the first agreement finalised by the end of 1999... the data is ready and we are in the final stages of preparing it for companies to examine," Sultan said.

Kuwait in the past has limited foreign participation to technical assistance, including accords with France's Total, British Petroleum and Chevron of the US. Kuwait currently produces some 1.84 mm bpd following a March decision by OPEC to shave an additional 1.7 mm bpd off its total daily output. The emirate controls about 10 % of global crude reserves.

Source: AFP via Iinoil
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