(MENAFN - Arab Times) Oil shale exists in the layers of earth in Kuwait as there are several studies conducted by experts in this regard, said Ahmad Al-Eidan, Manager of Exploration Group of Kuwait Oil Company (KOC). On the sidelines of the 33rd GCC meeting of the Petroleum Cooperation Committee, he said that oil shale's existence has not yet been confirmed or denied, stressing that there is a permanent coordination with Saudi Arabia and the UAE to draw conclusions for oil shale production. On the seismic surveys carried out by KOC in Al-Abdali, he said the company is not authorized to give away compensation lands and the government alone is responsible for it, noting that KOC is only carrying out exploration, development and production procedures.
He said the coordinating committee of the national oil companies in the Gulf states, which was established in 1997, aims at promoting cooperation and exchange of knowledge among oil companies. It also encourages experts' technical participation in training sessions, as well as conducting joint studies and participating with work papers for regional and global conferences, he added. There is an integrated database between all the Gulf national companies used in emergency cases, he noted, indicating that it was used previously by Saudi Arabia and Kuwait due to threats made by online hackers.
The committee meeting, held twice a year in one of the Gulf states, consists of five sub-committees of production, maintenance and drilling operations, exploration, development, environment and health and safety. For his part, Head of Public Relations Department at Petroleum Development Oman (PDO) Sulaiman Al-Manthari said that the company has major investments in a number of capital and operational projects, noting that the cost of each project ranges from 2-3 billion as annual investments range from 5-6 billion.
There is a priority for Omani companies and employees in the oil sector, he said, adding that PDO has its arms wide open for the GCC oil companies as well. Regarding the impact of the fluctuation and decline in oil prices on the investments, Al-Manthari said that those prices are not effective due to the preset feasibility studies on the basis of prices of less than 100 per barrel.