Kuwaiti Expert Denies Reports on Oil Depletion

Source: KUNA 6/18/2012, Location: Middle East

A Kuwaiti oil expert denied here recent reports on oil depletion within tens of years as "inaccurate". Speaking to KUNA, Ahmad Al-Arbeed said world oil reserves were estimated at five trillion barrels of oil, and the world has consumed one trillion barrels of oil since oil was discovered in 1859.

Al-Arbeed made the remarks while visiting KUNA where he met KUNA Editor-in-Chief and economic editors. On a project called "Kuwait is the world oil capital", he said the project would be highly rewarding for the State of Kuwait on both economic and security levels, especially if fresh technological methods were created. He put the number of volunteers for the project at 200, in addition to 100 public figures.

He expected the document of the project to be prepared in August before a relevant national conference is organized. The Arabian Gulf region, which extends from the Sultanate of Oman to Iraq, boasts two thirds of global oil and gas, something which can help Kuwait become the "world oil capital".

The project is mainly intended to pave the way for the private sector to play its due role in Kuwait, he said, adding that in the seventies the Kuwaiti private sector used to greatly contribute to what he called "the age of achievements in Kuwait".

But, he urged the Kuwaiti government to help the private sector resume its past role, expecting it to be reliable within 10-15 years. The project would enable all countries and major companies wishing to invest in oil projects in Kuwait to be partners in future projects, Al-Arbeed pointed out.


Australia >>  8/12/2022 - Jadestone Energy plc (“Jadestone”, or the “Company”) an independent oil and gas production company focused on the Asia-Pacific region, provides the fo...
Nigeria >>  8/12/2022 - ADM Energy PLC, a natural resources investing company, is pleased to announce the completion of the 17th Lifting ("Lifting") at the Aje Field, part of...

Brazil >>  8/11/2022 - Alvopetro Energy Ltd. announces operating and financial results for the second quarter of 2022 including record funds flow from operations of $12.4 mi...
Iraq >>  8/11/2022 - Genel Energy notes that DNO, as operator of the Tawke PSC (Genel 25% working interest), has issued an update on licence activity

Gross prod...


Colombia >>  8/8/2022 - - Average Total Production of 30,607 BOPD, Highest since Fourth Quarter 2019
- Total Average Production Up 4% from First Quarter 2022 and 33% fr...

Ghana >>  8/8/2022 - Kosmos Energy Ltd. announced its financial and operating results for the second quarter of 2022. For the quarter, the Company generated a net income o...

Related Categories: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  Food Supplies  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Unskilled Labors  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 

Related Articles: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 


Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.