International Business

Kuwait to Decide on Oil Searches by Foreign Firms: Oil Minister Abdulmohsen al-Mudej said the Higher Council for Petroleum is studying a plan to allow foreign companies to engage in oil exploration and production in Kuwaiti fields. So far the country has barred foreign companies from exploring for oil in its fields, which hold reserves estimated at 96.5 billion barrels. Al-Mudej’s remarks were made after a visit to Kuwait by the chairman of British Petroleum, Lord Ashburton, who said his company is keen to take part in oil exploration and drilling in the northern and western parts of Kuwait. Kuwait, which has a stake in BP, signed a services and consultation contract with the company in 1992.