KUWAIT MAY GRANT
FOREIGN FIRMS EQUITYKuwait is considering granting foreign companies equity in its oil fields, but the discussion is progressing slowly because the issue is politically sensitive, the Petroleum Intelligence Weekly reported in its latest issue.
Several international oil companies, including British Petroleum Co., Chevron Corp., Royal Dutch Shell Group, Occidental Petroleum Corp. and Texaco Corp. have offered to invest and assist in reviving oil production in Kuwait, where 40 percent or more of capped wells are likely to prove unusable, the weekly newsletter said.
UK ISSUES LICENSES
FOR IRAQI OIL IMPORTS
LONDON - The U.K. Department of Trade and Industry Tuesday issued licenses allowing companies to import Iraqi oil, a DTI spokesman said.
The spokesman said the import licenses were related to a recent U.N. decision to allow Iraq to sell crude worth $1.6 billion to pay for food and other aid for humanitarian purposes.
The spokesman also said the DTI had issued export licenses clearing U.K. companies to take part in tenders from Iraq for food or other aid.
PICKENS URGES CURBS
ON TEXAS GAS OUTPUT
HOUSTON - T. Boone Pickens, general partner of Mesa Limited Partnership, Tuesday urged the Texas Railroad Commission to restrict natural gas output, saying current low price levels are resulting in wastage of the state's gas resources.
Texas accounts for slightly more than one-third of the total U.S. gas output. The Railroad Commission, which regulates hydrocarbon production in the state, is obliged by law to prevent wastage of oil and gas.
"We're selling our resource to other states at a discount," Mr. Pickens told a Natural Gas Week symposium here.