Kuwait says overnight fire at onshore oil rig now contained

Kuwait’s state-run oil company says it has contained a fire at an onshore oil rig in the country’s southwestern oilfields. (Shutterstock)
Updated 23 April 2018
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Kuwait says overnight fire at onshore oil rig now contained

  • Kuwait’s state-run oil company says it has contained a fire at an onshore oil rig in the country’s southwestern oilfields
  • The company acknowledged another spill at the field earlier this month, without elaborating

KUWAIT CITY: Kuwait’s state-run oil company says it has contained a fire at an onshore oil rig in the country’s southwestern oilfields.
The Kuwait Oil Co. said early on Monday that a fire broke out while an emergency team responded to what it described as a “minor” leak at the Al-Maqwa field.
The company said the fire caused no injuries and production continued at the field. It did not offer an estimate for the number of barrels of oil spilled in the leak.
The company acknowledged another spill at the field earlier this month, without elaborating.
OPEC member Kuwait, a tiny emirate on the Arabian Gulf, is a major oil producer. Kuwait produces some 2.9 million barrels of crude oil a day and holds the world’s sixth-largest oil reserves.


Kuwait budget to boost spending to spur growth

Updated 21 January 2019
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Kuwait budget to boost spending to spur growth

KUWAIT: Major oil producer Kuwait on Monday announced a state budget for the year ending on March 31, 2020, projecting a 4.7 percent rise in spending to 22.5 billion dinars ($74.15 billion) to drive economic growth.
The Kuwaiti Finance Minister Nayef al-Hajraf said he expected the average oil price to range between $55 to $65 per barrel, higher than the projected $50 a barrel in its last budget.
The budget deficit in the new fiscal year was projected at 7.7 billion dinars after accounting for a deposit of 10 percent of total revenue into the sovereign wealth fund. The deficit was 2.1 percent lower than the 2018/2019 budget, according to the budget statement. ($1 = 0.3034 Kuwaiti dinars)