Oil production costs in Kuwait have tripled since 2001
ABU DHABI — A parliamentary committee in Kuwait has demanded that the government's Audit Bureau
investigate the rising cost of oil production.
In a June 9 report, the Al Shall
Economic Consultants said production expenses increased from $1.40 a barrel in
2001 to $4.42 in 2007.
In the report, Al Shall did not determine a single cause for the cost
increase. The consultants cited the aging of Kuwaiti oil fields and
facilities as well as improper or unconventional accounting.
Also In This Edition
Parliamentarians said the Audit Bureau should determine reasons for
the steep cost hikes and issue a report.
Meanwhile, Bahrain has attracted the interest of nearly 100 firms
in a project to explore for crude oil, Middle East Newsline reported.
The Oil Ministry has launched a tender for the exploration of four
offshore blocks. Officials said 78 foreign companies have expressed interest
in submitting bids.
"The process is progressing very well and so far more than 70 companies
have expressed interest," Bahraini Energy Minister Abdul Hussein Mirza told
a news conference on June 12. "So far, 59 companies have used the website to
approach us for information and 19 have asked for additional data."
The project called for the exploration of all offshore areas of Bahrain.
The deadline to submit bids was set for Sept. 17.
