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12/17/2014

The Minister of Oil, State Minister for National Assembly Affairs Dr. Ali Al-Omair said that “the global oil prices will stabilize at a certain level and then will rise again”, adding that «these levels will be determined by the longanimity of oil companies on selling oil in prices less than the cost of production, especially oil shale and oil sand.

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Sheikh Ahmed Al Jaber Al Sabah granted Kuwait Oil Limited Company with the participation of Protol British Company "BP" and American Oil Gulf Company "Gulf Oil" the right of franchise of concessionaire to explore oil in all Kuwait lands and territorial water for 75 year period and this was on 23rd December 1934.

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