Kuwait Approves Foreign Participation In northern Oil fields Project

Source: www.gulfoilandgas.com 8/11/2005, Location: Middle East

A Kuwaiti parliamentary committee has approved a controversial project to develop the country's northern oilfields with foreign companies' participation. The parliament's Financial and Economic Affairs Committee has approved the plan for foreign contractors to develop four oil fields in northern Kuwait after a series of meetings with the Kuwaiti Energy Minister and leading oil executives.

The panel, however, reduced the period of any contract with foreign companies from 30 years to 20 years. The project would be debated by the full parliament in October.Opponents in the parliament argued that Kuwait's oil sector would be controlled by foreign interests. But other lawmakers said the country lost at least $12 billion by delaying the launch of development. After the production, the northern oil project with $9 billion in investment would increase daily output of the oil fields to 900,000 barrels per day (bpd) from current 500,000 bpd.


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