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Kuwait Oil Reserves Only Half Official Estimate, Reports Petroleum Industry Weekly

Of the current remaining 48 billion barrels of proven and non-proven reserves, only about 24 billion barrels are so far fully proven.

Published: 21-Jan-2006

LONDON, Jan 20 (Reuters) - 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 percent 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

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