More oil likely in Kuwait

More oil likely in Kuwait

KUWAIT CITY (DPA): Oil-rich Kuwait is likely to have discovered more oil on its biggest island, Bubiyan, bordering Iraq, Arab Times newspaper reported Saturday.

Results of recent seismological surveys conducted by parent conglomerate Kuwait Petroleum Corporation (KPC) "confirmed the presence of promising oil deposits," said the Times.

"That in turn, prompted a decision to drill two exploratory wells in the near future," on the uninhabited island located in Kuwait's far northeast corner near Iraq.

Results of the seismic tests were discussed last week by the nation's highest oil body, the Supreme Petroleum Council, the Times' sister-newspaper, al-Siyassa also reported.

KPC has been trying to bring in international oil companies to help technologically develop the country's northern fields, but the elected National Assembly has been delaying the project as it finds ways to implement government accountability to any oil deals signed with foreign entities.