The oil sector is preparing to soon announce huge oil discoveries, reports Al-Rai daily quoting high-ranking sources.
They explained that the board of directors of the Kuwait Petroleum Corporation (KPC) held its first meeting, which was presided over by the Minister of Oil and the Minister of Electricity and Water Dr. Muhammad al-Fares.
During the meeting, preparations were approved for the decommissioning of several oil projects and for the sale of some foreign assets of the International Petroleum Company in Europe.
The board approved the recommendations of the KPC’s executive committee to reduce operating budgets by about KD 470 million for the 2021/2022 fiscal year.
The oil companies will amend their operational budgets before the Board of Directors takes its decision to reduce . The most prominent items, contracts and operational terms will be affected, but while maintaining the highest levels of safety, security and environment.
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The Arab states of the Persian Gulf are the seven Arab states which border the Persian Gulf, namely Bahrain, Iraq, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates (UAE).This excludes the non-Arab state of Iran. All of these nations except Iraq are part of the Gulf Cooperation Council (GCC).