Internal Document Allegedly Shows Kuwaiti Oil Reserves Half Official Total

[hatrack]

LONDON — Opec producer Kuwait’s oil reserves are only half those officially stated, according to internal Kuwaiti records seen by industry newsletter Petroleum Intelligence Weekly (PIW).


“PIW learns from sources that 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, according to internal Kuwaiti records,” the weekly PIW reported on Friday.

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

http://www.khaleejtimes.com/DisplayArticle.asp?xfile=data/business/2006/January/business_January298.xml§ion=business&col=

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. London Brent crude futures rose after the PIW report.

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.'

EDIT

http://www.tradearabia.com/tanews/newsdetails_snOGN_article99503_cnt.html

[orwell]

1. Never trust published reserve estimates...

...everybody lies about them for political or financial reasons.