Iran Economy NewsKuwait denies joint oil development with Iran

Kuwait denies joint oil development with Iran

-

AFP: The oil ministry in OPEC member Kuwait on Monday denied that it has started a joint oil development with neighbouring Iran.

KUWAIT CITY, August 8, 2011 (AFP) – The oil ministry in OPEC member Kuwait on Monday denied that it has started a joint oil development with neighbouring Iran.

“There is no cooperation between the two sides in this regard,” said the ministry assistant undersecretary for technical affairs Ali Sabt, cited by the official KUNA news agency.

Sabt was commenting on a report by Iranian official media last week which quoted an Iranian oil official as saying the two countries have started work on developing a joint oilfield.

The Arab Gulf state of Kuwait and non-Arab Iran have been involved in unsuccessful talks to resolve a decades-old dispute over a maritime border area that is rich with natural gas.

The dispute dates back to the 1960s when Iran and Kuwait awarded offshore concessions to the former Anglo-Iranian Petroleum Co, now part of BP, and Royal Dutch/Shell that overlap in the northern part of the Dorra field.

Recoverable gas reserves from Dorra are estimated at some 200 billion cubic metres (seven trillion cubic feet).

The two countries also failed to implement a seven-billion-dollar 25-year deal signed in 2005 to supply Iranian gas to Kuwait.

Ties between the two countries strained after a Kuwaiti court in May sentenced three people to death and two others to life in prison after convicting them of being members of an Iranian spy ring.

Latest news

Dire Living Conditions of Iranian workers on International Labor Day

On the occasion of International Workers' Day, May 1, the dire economic conditions of Iranian workers have reached a...

Only One-Fifth of Iran’s Annual Housing Needs Are Met

Beytollah Setarian, a housing expert, said in an interview that Iran needs one million housing units annually, but only...

Resignation, Job Change, and Nurse Exodus in Iran

The state-run Hame-Mihan newspaper has addressed the problems of the healthcare workforce in Iran, examining issues such as resignations,...

International Monetary Fund: Iran Needs “$121 Oil” to Avoid Budget Deficit

The International Monetary Fund (IMF) states in its latest quarterly report that the Iranian government needs the price of...

Alarming Rise in Suicide Rate Among Iranian Physicians

Mohammad Mirkhani, a social consultant of the Medical Council Organization, considered the difficult working conditions of physicians in Iran...

Iran Begins Spring with Shock in Food Prices

Figures in the most recent report by the Iranian regime’s Statistical Center on Inflation in March 2024 show that...

Must read

Report: Iran builds oil tanker for Venezuela

AP: Iran's official news agency is reporting the country...

Essex home raided over Iran dirty bomb threat

The Sunday Times: A British chemicals firm is involved...

You might also likeRELATED
Recommended to you

Exit mobile version