Kuwait will host a conference in November on the role of foreign companies in the development of its oil fields, the official Kuwaiti News Agency said yesterday.
The conference will run from November 20 to 21 and will focus on "the role of world oil companies in the development of Kuwait's oil fields, from a constitutional, legal, economic and technical point of view."
Kuwait announced in Decem-ber that foreign oil firms would be invited to invest US$7 billion up to 2003 to develop the emirate's fields.
Kuwait wants to increase its production capacity to 2.5 million barrels per day (bpd) in 2000 and 3 million bpd in 2005. Its present capacity is about 2 million bpd.
Foreign oil firms are presently restricted to technical service agreements.
The emirate controls about 94 billion barrels of oil reserves, or 10 percent of global reserves.