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Volume 41 Issue 5
11
OAPEC Member Countries
Kuwait
Kuwait Oil Company (KOC) Chief Executive Hashem
Hashem announced that KOC has made a number of
important oil discoveries in Kuwait. He noted that 3 of the
discoveries contain high quality light crude oil in Kabd,
Umm El Rous, and Riksa oilfields at the Marat Jurassic
formation. In addition to that, a discovery has been made at
Umm Niqa field at Lower Fars formation. Primary results of
the discovered wells indicated the presence of large proven
commercial quantities of API 18 oil that can be developed
and produced by conventional ways. Light crude has also
been discovered in another high quality (API 40) field at
Ratawi Limestone Formation. Primary results showed the presence
of oil in commercial quantities. Hashem said the discoveries were
promising of more new ones in the area.
Hashem explained that this will increase Kuwait’s oil reserves and
further strengthen its position among the world’s top exporters of oil
as well as secure meeting domestic demand. Also, the discoveries
will enable Kuwait to maintain crude oil production for decades to
come. They will allow KOC to step confidently towards achieving
its 2030 strategic goals.
Kuwait Makes 4 Important Oil Discoveries
Bahrain
Bahrain’s National Oil and Gas Authority
said it started the new pricing of natural
gas to be sold to industrial institutions and
companies as of 1 April 2015. Natural gas
prices will be raised to $2.50 per mmBtu.
The price will then rise 25 cents on 1 April
each year until it reaches $4 per mmBtu by
1 April 2017.
Bahrain’s National Oil and Gas Authority
said in a press statement that there were many
considerations behind these amendments,
including: rising domestic demand for
natural gas in light of Bahrain’s limited
natural gas resources. Price amendments
will contribute to balancing Bahrain’s needs
for gas and preserving its limited resources,
and reducing the big difference between
domestic and global natural gas prices. This
step will prepare the domestic market for the
predicted natural gas prices to be imported in
the future. Moreover, these amendments go
in line with the new GCC arrangements on a
new pricing policy for natural gas.
Bahrain amends natural gas prices for industrial institutions and companies