Kuwait denies report on lower oil reserves

KUWAIT CITY –
OPEC-member Kuwait denied a report which claimed its crude reserves were less half of the official figure of 99 billion barrels.

The authoritative industry newsletter Petroleum Intelligence Weekly (PIW) reported in January that Kuwait’s oil reserves stood at 48 billion barrels, based on internal Kuwaiti records seen by the newsletter.

The PIW report also claimed that Kuwait’s fully proven reserves amounted to only 24.2 billion barrels.

“The report contained some right information but not the whole picture,” Energy Minister Sheikh Ahmad Fahd al-Sabah told reporters before leaving for Vienna to attend an OPEC meeting.

“The information is related to only 31 reservoirs we are currently working on. It does not include reserves in another 74 reservoirs which are not developed,” Sheikh Ahmad said.

AFP