Saturday January 21, 2006

Kuwait oil reserves only half official estimate

energybulletin.net, peakoil.com (thread) -> today.reuters.com :

OPEC producer Kuwait's oil reserves are only half those officially stated, according to internal Kuwaiti records seen by industry newsletter Petroleum Intelligence Weekly (PIW). "PIW learns from sources that Kuwait's actual oil reserves, which are officially stated at around 99 billion barrels, or close to 10 percent of the global total, are a good deal lower, according to internal Kuwaiti records," the weekly PIW reported.

It said that according to data circulated in Kuwait Oil Co (KOC), the upstream arm of state Kuwait Petroleum Corp, Kuwait's remaining proven and non-proven oil reserves are about 48 billion barrels. It said the data it had seen show that of the current remaining 48 billion barrels of proven and non-proven reserves, only about 24 billion barrels are so far fully proven - 15 billion in its biggest oilfield Burgan.

See also :

1. Largest Kuwait oilfield is peaking
2. Author offers bleak peek at life after 'peak oil'

(2006-01-21 18:35:10 SGT) [Energy] Permalink

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