I heard this on the radio a couple of days ago, not sure which station but I think it was BBC, and I was shocked when I heard it, and then I looked it up on the net and was even more surprised!

But after the last few days and looking at how things are being run in this country, and how the media is a joke and basically lies to people and trying to show everything as being picture perfect…..im not so surprised anymore!

Kuwait oil reserves only half official estimate-PIW
Friday 20 January 2006, 1:32pm EST

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

(KOC), the upstream arm of state Kuwait Petroleum Corp, Kuwait’s remaining proven and non-proven oil reserves are about 48 billion barrels.

Officials from KOC were not immediately available for comment to Reuters.

PIW said the official public Kuwaiti figures do not distinguish between proven, probable and possible reserves.

But it said the data it had seen show that of the current remaining 48 billion barrels of proven and non-proven reserves, only about 24 billion barrels are so far fully proven — 15 billion in its biggest oilfield Burgan.

Kuwait has been adding up to 500 million barrels a year at Burgan which means the remaining non-proven reserves of some 5.3 billion barrels will likely be upgraded to proven, according to PIW.

Three consortia led by BP (BP.L: Quote, Profile, Research), Chevron (CVX.N: Quote, Profile, Research) and ExxonMobil (XOM.N: Quote, Profile, Research) are in the race for Project Kuwait, a 20-year operating service contract to raise crude capacity at four oilfields in the north of Kuwait.

So, more good news for the week, and another reason to thank our government, whichever it is or is going to be!

This news coming out caused oil prices to go up $2!

In a way this explains the government’s rush to persue the Northern oilfields projects, try to sell at these high prices and probably to try and check our reserves and see if we can find any more!

Meanwhile, the parliament in the past year asked for the government to drop all loan debts on people and to keep giving us more money after the 200KD gift given earlier!

Thank you and have a wonderful day in La La Land!