Kuwait's northern oilfields project not dead: Minister

Kuwaiti Energy Minister has denied that its northern oilfields project was dead, noting that it would be submitted to the parliament after a thorough study, Kuwait Times reported Saturday.

Minister Sheikh Ali A-Jarrah A-Bah was quoted as saying that he would study the project in detail with consultation with investment bodies before submitting the 8.5 billion U.S. dollars project to the parliament.

"We are seeking a unanimous decision by lawmakers," the minister said, referring to the earlier opposition by some lawmakers.

The northern oilfields project, also known as Project Kuwait, aims to seek the assistance of foreign oil majors to raise production of four oilfields in northern Kuwait from the current average of 550,000 barrels to 900,000 barrels daily over a 20-year duration.

However, it has been stalled for the past 12 years by opposition lawmakers for fear that the country's lifeline oil industry might fall into the hands of international oil companies, said the report.

Opposition lawmakers insist that any contract that will be signed between the government and foreign companies must be studied and ratified by the parliament.

Source: Xinhua