Thursday, April 22, 2010

Kuwaiti oil reserves higher than announced: minister

Kuwait City, Apr 22 (AFP) Oil reserves in Kuwait's largest oilfield, Burgan, are higher than have been published and new figures for all reservoirs are to be announced soon, a minister said today.

"Reserves in Burgan oilfield are much higher than what is being circulated," deputy premier for economic affairs Sheikh Ahmad Fahad al-Sabah was cited as saying by the official KUNA news agency.

Greater Burgan oilfield is the world's second largest field after Ghawar in Saudi Arabia, with reserves previously estimated at around 70 billion barrels.

It has been producing about three-quarters of Kuwait's output of 2.2 million bpd.

"New figures for the reserves in all Kuwaiti oil reservoirs will be made public soon," KUNA quoted Sheikh Ahmad as telling an oil conference.

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