Chairman and Managing Director of Kuwait Oil Company (KOC) Sami Al-Rushaid expected Tuesday that Kuwait and Iraq would reach an agreement on the exploitation of the oil wells on their border areas soon.
Speaking to reporters after the prize giving ceremony of the Chairman's Award for Health, Safety and Environment, Al-Rushaid said the two countries set up a joint panel to probe the border issue with KOC leading the Kuwaiti side.
He downplayed the concerns about the impact of Iraq's exploitation of its southern oil wells on Kuwait's interests, saying that Kuwait's two northern wells of Al-Retqa and Al-Abdaly account for a small percentage of the country's oil production.
"The contract, signed by KOC and Shell on the development of Jurassic oil gas wells in northern Kuwait, has been brought into force recently," he said, noting that experts from both sides are supervising the project.
"KOC is implementing a long-term development strategy running through 2020. The strategy entails a five-year plan and annual plans envisaging the development of key projects in the gas industry, pipelines projects and a new hospital," Al-Rushaid pointed out.
Regarding the environment projects, KOC has recently signed an agreement with Kuwait's Environment Public Authority (EPA) on combating air pollution and gas emissions, he went on to say.
"In 2009 the company managed to cut down the burning of the oil-associated gas to 2.6 percent, well below the target of 3.4 percent. We hope to bring the percentage to less than one percent in the coming two years," Al-Rushaid revealed.
In Burgan oil well, south Kuwait, KOC was able to reduce the figure to just one percent since the well is close to residential areas, he added.
( Kuwait News Agency (KUNA) )