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.