[Doly]

Kuwait said it would not be able to meet its oil production goals without the help of international energy companies

Notice it didn't say it would be able to meet its oil production goals if it got help. They're hoping.

[PWALPOCO]

Frightening , all this effort in order to "stand still" !

The industrialised world is an oil junkie , we need to get into rehab asap !


Paul

[Eli]

This is all totally unrelated to OPEC saying they are going to reduce production even though oil is running at historically high prices?

There really aren't any problems increasing production of oil right?

They are not in decline now are they?

[LadyRuby]

This is all totally unrelated to OPEC saying they are going to reduce production even though oil is running at historically high prices?

There really aren't any problems increasing production of oil right?

At these prices, you kidding? They'd be crazy NOT to increase oil production!!

[skiwi]

Kuwaitis mourn emir's death

THE emir of oil-rich Kuwait, Sheikh Jaber al-Ahmad al-Sabah, died today aged 77, according to an Emiri court statement read on state television by information minister Anas al-Rasheed.

and the fill in don't sound too healthy either

Under the Kuwaiti constitution, crown prince Sheikh Saad, who has been ill since undergoing colon surgery in 1997, will automatically become emir of the Gulf Arab state, an OPEC member which pumps around 2.6 million barrels of oil a day.

looks like probable unrest ahead

There had recently been calls from parliament and politicians for succession reforms due to the illness of the two top leaders.

[M_B_S]

Kuwait Data Raises Reserve Level Questions
Petroleum Intelligence Weekly (Monday, January 23, 2006)

The future of Project Kuwait is the most public oil policy issue facing the Gulf country's new leaders. Perhaps more pressing is the uncertain status of the country's oil reserve base. Kuwait's remaining reserves, which are officially stated at around 99 billion barrels, or close to 10% of the global total, are barely half that level, according to internal state oil company documents seen by PIW.

reuters source

Doomsday? This winter! M. Simmons

[UncoveringTruths]

If everyone in the OPEC kitchen has cooked this way where do we stand on Hubberts curve?

[crude_intentions]

This should be page one for every major news organization.

[Eli]

Yeah that article is pretty disturbing because anyone who is in the know about PO knows of the doubling of known reserves that was done across the board by OPEC back in the early 80s.

If any news like this starts to leak out from SA it is all over. Happy 2006 everyone!

[dub_scratch]

Let's compare kuwait to the other OPEC nations in their reserve additions:



Is there a pattern here folks?

[TorrKing]

If everyone in the OPEC kitchen has cooked this way where do we stand on Hubberts curve?

That would be impossible, wouldn't it? The oil is in the market. That is hard to dispute.

But still, it may be very bad, especially if it marks a trend around with the neigbouring countries.

Could one transfer the knowledge of the Kuwait's appearently very limited reserves over to Saudia-Arabia or are the geology too different there? And use that to make an estimate I mean.

Torjus Gaaren

[stu]

Went on the PWI website here to pull the original story but unfortunately I don't have the couple of grand needed for the subscription and even if I did it would go on PO preparation.

Big story though!

[Gvil]

This is major news. The shit finnaly hit the fan. CNN and others are silent. Are they crazy or blind or both. Thanks God I know about Po as much as there is to know. What will CERA say to this...

[rockdoc123]

Someone started a separate thread on this and they posted an exerpt from a report on the PIW report. I think there might still be some uncertainty as to what is being reported. PIW note that the Kuwaitis do not distinguish between P1, P2 and P3 in their public announcements. They claim 99 billion barrels of oil. I wonder if the number rumoured from a suppossed inside source of 48 billin barrels is not P1+P2 meaning the remaining 48 billion barrels is P3 or possible reserves?
This is not an official statement from the Kuwaitis....just a report on some inside info they were able to get. There is mention of proven and unproven reserves but the industry does not use the term unproven very often so lord knows what that means.
The response from the Kuwaitis should be interesting.

[seahorse2]

rockdoc,

Does anyone in your circles have access to this report? If so, hopefully you can shed some light on the questions you raise. If not, hopefully the Kuwaitis will respond, and not just with an unsupported statement, but with data.

[Mesuge]

Sh$% I hoped they will obfuscate the public for a few more years..
That's very bad news. No time left to prepare all contingencies.
Lets hope the Saudis have enough balls and launch mega lie campaign about it at least for few additional months..

[Zardoz]

The other media organizations will need to verify this before they run it. They wouldn't just quote Reuters.

If this is confirmed and Kuwait's reserves really are half of what they've always claimed, all bets are off, and we've entered uncharted territory.

[DantesPeak]

AME Info - Energy Oil and Gas
Copyright 2006 AME Info. All rights reserved

January 19, 2006

Kuwait project debate delay

Kuwait has again put off a crucial parliamentary debate on the $8.5bn oil investment plan, involving help from foreign companies, due to the death of the country's Emir. The project has been blocked by a group of MPs for more than 10 years because of fears it would give foreign companies control of Kuwait's oil wealth.

Maybe one reason that the investment plan is not going forward us that it is uneconomical - that is, is there really enough oil there to make this worthwhile? And even if so, it doesn't look like they will be getting to it any time soon.

[pip]

Let's compare kuwait to the other OPEC nations in their reserve additions:



Is there a pattern here folks?

Why did Kuwait increase its reserves 3 years before the rest of the countries?

[Grimnir]

Why is this more significant than when Shell and Exxon made the same admissions (though they only admitted to ~30% reductions, as I recall). The markets didn't seem to sustain a price increase in reaction to either. (whether they should have is another matter)