Gulf states have enough oil for century
SPECIAL TO WORLD TRIBUNE.COM
Wednesday, March 17, 2004
ABU DHABI – Kuwait, Iraq, Saudi Arabia and the United Arab Emirates will have enough crude oil for more than a century.
A study said Iraq and Saudi Arabia have recoverable crude resources of 97.8 billion barrels at the end of 2002 compared with only 32.4 billion barrels in 1982. The UAE was said to control the third largest recoverable crude oil resource in the world.
Iraq was reported to have 112.5 billion barrels of extractable oil reserves while Kuwait controlled nearly 96.5 billion barrels, a study by British Petroleum said. Saudi Arabia has an estimated 261.8 billion barrels of oil. Five GCC states had estimated reserves of 658.3 billion barrels at the end of 2002, Middle East Newsline reported.
The UAE, Saudi Arabia, Kuwait, Iraq and Iran supply global markets with around 16 million barrels of oil per day. This figure was expected to increase to 30 million barrels per day beyond 2020 when other sources outside the region would shrink.
Kuwait to invite bids for northern oil fields
Special to World Tribune.com
MIDDLE EAST NEWSLINE
Monday, March 29, 2004
ABU DHABI – Kuwait plans to invite international firms to bid for a project to develop the sheikdom's northern oil fields.
Officials said the state-owned Kuwait Oil Co. will open the tender for the development of the northern fields in the second half of 2004. They said the government has advanced the drafting of the tender for the multi-billion dollar project to the final stage.
"The Northern Oilfields Project is an important national project and the process of receiving approvals at different levels required will take some time," Bader Al Zuwayer, public relations and information manager of the Kuwait Oil Co., said. "We expect that all necessary approvals will be obtained and that the bidding process will commence some time in the second half of 2004."
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Kuwait has prequalified three Western-led consortiums. They are the U.S. ExxonMobil, ChevronTexaco and and the British BP.