Kuwait will not Benefit from Foreign Investment in the Northern Fields Even if an Agreement with Iraq is Reached

Executives of various international oil companies (IOCs) were thrilled when Kuwait invited them in 1998 to participate in ‘Project Kuwait’, a plan that includes the development of the northern oil fields. The $7-billion project will expand output from five oil fields from 621,000 b/d to 1.41 mb/d, while boosting reserves from 11 billion barrels to 17 billion barrels. Kuwaiti officials launched the project by short-listing eight IOCs, offering access to classified information by opening ‘data rooms’ for 24 interested IOCs, and battling the issue in the National Assembly (the parliament).