Kuwait will not Benefit from Foreign Investment in the Northern Fields Even if an Agreement with Iraq is Reached
Article from: OGEL 2 (2003), in Roundup of Articles
Summary
Executives of various international oil companies (IOCs) were thrilled when Kuwait invited them in 1998 to participate in 'Project Kuwait', a plan that includes the development of the northern oil fields. The $7-billion project will expand output from five oil fields from 621,000 b/d to 1.41 mb/d, while boosting reserves from 11 billion barrels to 17 billion barrels. Kuwaiti officials launched the project by short-listing eight IOCs, offering access to classified information by opening 'data rooms' for 24 interested IOCs, and battling the issue in the National Assembly (the parliament). ...