7th APRIL 2015 - Vol.XXXVIII No.018
Business News

Oil reserves 'report is not accurate'

KUWAIT CITY: A senior Kuwaiti oil official has cast doubt on the accuracy of a report by industry newsletter Petroleum Intelligence Weekly (PIW) that the Opec producer's oil reserves are only half those officially stated.

'I have no idea where they got this figure from ... I don't think it's accurate,' Farouk Al Zanki, the chairman of state-run Kuwait Oil Company (KOC) said in Kuwait City.

PIW earlier said that according to internal Kuwait records the newsletter saw, Kuwait's actual oil reserves, which are officially stated at around 99 billion barrels, or close to 10 per cent of the global total, are a good deal lower.

The newsletter said that according to data circulated in KOC, the upstream arm of state Kuwait Petroleum Corp (KPC), Kuwait's remaining proven and non-proven oil reserves are about 48 billion barrels.

However Zanki said that, the official estimate of reserves was much higher than that.

"We are always evaluating our reserves,' Zanki said. 'Up to now, they are set at 95 (billion barrels) ... I don't know who gave them (PIW) those figures, I have no idea, but I don't think it's 100 percent accurate."

The KOC chief said the Kuwaiti reserves figure changes every year due to explorations.

"One year we add (reserves), another year we don't and in the one after that we add more," Zanki added. "The additions of reserves are not fixed, and each year we are adding reserves."

PIW said the official public Kuwaiti figures do not distinguish between proven, probable and possible reserves.

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