Kuwait reserves grow by 12b barrels

February, 05th 2011

Kuwait City : Kuwait has added at least 12 billion barrels of crude oil to its reserves, which are estimated at over 100 billion barrels, following a comprehensive study, a newspaper reported yesterday.

Citing well-informed oil sources, Al Jarida daily said the new oil was found in Greater Burgan, the world's second largest oilfield after Ghawar in Saudi Arabia, with reserves estimated at close to 70 billion barrels. The sources told the paper that more reserves have been discovered at a number of other reservoirs following a comprehensive study, which will boost the country's reserves — the credibility of which has been questioned in the past.

In April, Kuwait's deputy premier for economic affairs Shaikh Ahmad Fahd Al Sabah told a symposium that Burgan reserves were in fact higher than published figures. Shaikh Ahmad, a former energy minister, also said that new reserve figures would be announced covering all Kuwaiti reservoirs.

According to data from the Organisation of Petroleum Exporting Countries (Opec), Kuwait holds the world's fifth largest crude reserves at 101.5 billion barrels.

Source: gulfnews.com