State of Kuwait Ministry of Oil

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The State of Kuwait Ministry of Oil is located in Kuwait City, Kuwait.

Mission

Protecting the petroleum resources, exploiting and developing it in accordance with the best method and in a way that secures the growth of the country resources, increasing its national income and securing the safety of workers, environment and structures in accordance with the provisions of the Amiri Decree delivered on 12th August 1986.

Starting from this point, Ministry of Oil adopted main objectives in order to be able to realize its mission without prejudice to any of the rules or laws organizing the drilling and exploring process simultaneously with production and export operations and to protect such wealth for the next generations.

Kuwait Oil and Gas

Kuwait is one of the world’s top exporters of oil, with about 2.4 million barrels per day exported in 2008. Kuwait's economy is heavily dependent on oil export revenues which account for roughly 90 percent of total export earnings. Kuwait channels around 10 percent of its oil revenues into the "Future Generations Fund" for the day when oil income runs out.

The Kuwaiti constitution forbids foreign ownership of Kuwait's mineral resources. The Kuwaiti Parliament passed the “Foreign Direct Investment Act” in 2001, aimed at promoting foreign investment in Kuwait’s oil and gas sectors, which facilitated some development in those sectors. However, major projects such as Project Kuwait remain at a standstill due to disagreements between Parliament and the ruling Al-Sabah family.


References

  1.  "State of Kuwait Ministry of Oil"
  2.  "Kuwait EIA Oil and Gas information"