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Latest News

Kuwait’s Burgan to add 12 bln bbls to reserves-paper

Kuwait expects "more than big quantities" to enter the oil reserves by March-says chairman of KOC.

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October 21, 2010 11:43 by



Kuwait’s largest oil field, Greater Burgan, will add 12 billion barrels to the OPEC country’s oil reserves, al-Jarida daily reported on Thursday.

The daily cited informed oil sources it did not identify by name as saying studies under way for other oilfields were expected to add similar figures to the reserves. It did not elaborate further.

A Kuwait Oil Co (KOC) official declined to comment on the report.

Sami al-Rushaid, chairman of KOC, the state explorer, told Reuters Middle East Investment Summit on Tuesday Kuwait expects “more than big quantities” to enter the oil reserves by March, and some of it will come from Greater Burgan.

Greater Burgan, the world’s second largest oilfield, encompasses the Burgan, Magwa and Ahmadi fields. It holds around 70 billion barrels or around 70 percent of Kuwait’s 101.5 billion barrels of reserves, according to U.S. data.

Kuwait, the world’s fourth largest oil exporter, plans to boost oil output capacity to 4 million bpd by 2020.

(Reporting by Diana Elias; editing by James Jukwey)



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