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Arabs own 55 pc oil stock – ‘23 mln barrels produced per day’

KUWAIT CITY, Oct 4, (KUNA): A petroleum expert specializing in exploration and production said here on Sunday 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.

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