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Kuwait trying to clarify oil reserves

By OGJ editors
HOUSTON, July 20 -- Kuwait officials are working to clarify the volume of Kuwaiti estimated oil reserves, Energy Minister Ali al-Jarah al-Sabah said in a statement posted on the ministry's web site.

"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 said. Al-Jarah, a former banker and diplomat, was appointed to the cabinet on July 10.

"Everything will be presented clearly in front of the official and national bodies," al-Jarah said, adding that the Council of Ministers and the National Assembly are involved. He plans to discuss reserves with Kuwait Petroleum Corp. executives, adding he has "full confidence in KPC's ability and competencies."

Kuwait has estimated its oil reserves at 100 billion bbl, but it has been reported in the media that internal Kuwaiti records indicate reserves of 48 billion bbl.

Former Energy Minister Ahmad al-Fahd al-Sabah said the report painted only a partial picture, and other oil officials called the report inaccurate.


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