The emiri decree number 200 of 2002 states that the members will hold office for a three-year term, starting 10 August.
SPC is the highest decision-making body for Kuwait’s oil sector. It is headed by Deputy Prime Minister and Foreign Affairs Minister Sheikh Sabah al-Ahmad al-Sabah.
There are five other ex-officio members – ministers of oil, finance & planning, commerce & industry, electricity & water, and the governor of the Central Bank of Kuwait.
Top on SPC’s agenda will be an approval of a draft of the operating service agreement and fiscal terms to be offered to international oil companies (IOCs) under Project Kuwait. The estimated $7,000 million project is aimed at enlisting the support of IOCs in doubling oil production from five northern fields to 900,000 barrels a day over four years (Kuwait, MEED Special Report, 28:6:02, page 25).