Business | Oil & Gas

Kuwait assessing shale-oil deposits

Opec member produces around three million barrels of crude a day

  • Dow Jones
  • Published: 12:59 February 13, 2013
  • Gulf News

Dubai: Kuwait has started a study to assess shale-oil deposits in the country, an official at state-run Kuwait Oil Corporation (KOC), said in remarks published on Sunday.

The study is due to be completed early next year, KOC’s deputy managing director for northern Kuwait, Hassania Hashim said, according to the official Kuwait News Agency.

Kuwait, a member of the Organisation of the Petroleum Exporting Countries (Opec), currently produces around three million barrels a day of crude oil and does not need shale, she said.

In November, the International Energy Agency, which represents key oil consumers, predicted the US will overtake Saudi Arabia as the world’s largest oil producer by 2020 thanks to a shale output boom, a forecast which the Opec secretary general said could undermine its members’ spending plans.

Hassania, however, said it was too early to talk about the impact of the US shale boom on Gulf countries and a proper assessment of the matter will take time.

— Dow Jones

Gulf News
Retail Gold Rate
Business Editor's choice
Quick Access

  1. Markets

  2. Economy

  3. Property

  4. Aviation

Business Top Stories

  1. Dubai to tap into Africa growth

  2. Emirates to change chief of Angolan carrier

  3. 4K TVs have become affordable now, retailers say

  4. National Bank of Fujairah launches NBF Islamic

  5. Watchdog launches probe into Tesco profit error