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Arab countries possess 55 percent of proven oil reserves: Expert
October 5, 2015, 8:43 am
OAPEC Secretary General Abbas Ali Al-Naqi addresses forum in Kuwait yesterday.

A petroleum expert specializing in exploration and production said here yesterday that the Arab countries possess 55 percent of the proven conventional oil reserves in the world and produce about 23 million barrels per day by the beginning of 2015’s statistics.

Engineer Turki Hasan Al-Hamash, an expert at the Department of Technical Affairs of the Secretariat of the Organization of Arab Petroleum Exporting Countries (OAPEC), said OAPEC countries possess about 27 percent of global gas reserves and have sold about 17 percent of the world’s natural gas until the beginning of 2014.

During the first lecture within the activities of the 23rd forum of the fundamentals of the oil and gas industry, organized by the OAPEC’s General Secretariat, Al-Hamash underscored the importance of the integration of all available data during prospecting and exploration operations to limit unsuccessful drilling operations. He said that one of the important processes in the exploration and production is the drilling mechanism and its subsequent tests, measurements and analysis as well as packaging.

He said there is a clear difference between the techniques of the initial, secondary and tertiary extraction, reviewing the technology using dissolved gas and stratified water and others. In a statement, OAPEC had said on Thursday that the four-day forum highlights a number of important issues among them exploration and production of oil and gas, petroleum refining industry, petrochemical industry, natural gas industry, oil and gas transportation, and finance of petroleum projects.

The forum’s timetable will include a number of seminars and specialized lectures, which will all begins through a brief introduction presented by OAPEC Secretary General Abbas Ali Al-Naqi on the organization and its affiliated companies. Later, the statement said various lectures and seminars will be hosted by OAPEC senior officials and will be followed by Al-Naqi final lecture on climate change negotiations and its various blocs, and a final lecture on current developments and future petroleum global markets.

OAPEC is a regional inter-governmental organization established by an agreement signed in Beirut on January 9, 1968 by Kuwait, Libya, and the Kingdom of Saudi Arabia. The three founding members chose the state of Kuwait for the Organizations’ domicile and headquarters.

Source: KUNA

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