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Page added on November 30, 2006

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No public disclosure of Kuwait oil reserves-minister

CAIRO, Nov 30 (Reuters) – OPEC-producer Kuwait will not make a public announcement about the size of its oil reserves but will provide data to the Gulf Arab state’s parliament, the energy minister said on Thursday.

Industry newsletter Petroleum Intelligence Weekly (PIW) said in January it had seen internal Kuwaiti records showing reserves were about 48 billion barrels — half the officially stated 99 billion, or some 10 percent of global oil reserves.

“We will not announce it (the reserves) publicly because we are not obliged to,” Sheikh Ali al-Jarrah al-Sabah said.

“We have our reserves and our parliament will look at it,” he told Reuters on the sidelines of an energy event in Egypt.

In July when he took over the energy portfolio, Sheikh Ali was quoted by a Kuwaiti newspaper as saying there would be an announcement soon on the actual size of reserves based on studies that are “realistic, credible and supported by documents and international testimonies”.

Reuters



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