Kuwait is OPEC's third largest oil producer and claims to hold approximately 104 billion barrels (16.5×10^9 m3), 8% of the world's world oil reserves. This includes half of the 5 billion barrels (790×10^6 m3) in the Neutral Zone which Kuwait shares with Saudi Arabia. Most of Kuwait's oil reserves are located in the 70 billion barrels (11×10^9 m3) Burgan field, the second largest conventional oil field in the world, which has been producing oil since 1938. Since most of Kuwait's major oil fields are over 60 years old, maintaining production rates is becoming a problem.
The size of Kuwait's reserves came into question in 2006 when a leaked memo from the Kuwait Oil Company (KOC) reported by Petroleum Intelligence Weekly that national reserves of were some 48 billion barrels. The data was produced at the end of 2001 by state-owned Kuwait Oil Co. (KOC) and based on the findings of its reserves management committee. The total includes the whole of Kuwait plus its share of the Neutral Zone shared with Saudi Arabia, which is referred to in Kuwait as the Divided Zone (DZ). These barrels are split roughly 50-50 between "proven" reserves -- those with a 90% certainty of being produced -- and "nonproven," which is assumed to be a combination of probable and potential. The total figure is more than 75% lower than Kuwait's official proven reserves of 101.5 billion bbl.
Kuwait produces about 2.6 million barrels per day (410×10^3 m3/d) which translates to a reserves-to-production ratio of about 100 years.
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