A Kuwaiti oil expert denied here Monday recent reports on oil depletion within tens of years as "inaccurate".

Speaking to KUNA, Ahmad Al-Arbeed said world oil reserves were estimated at five trillion barrels of oil, and the world has consumed one trillion barrels of oil since oil was discovered in 1859.

Al-Arbeed made the remarks while visiting KUNA where he met KUNA Editor-in-Chief and economic editors.

On a project called "Kuwait is the world oil capital", he said the project would be highly rewarding for the State of Kuwait on both economic and security levels, especially if fresh technological methods were created.

He put the number of volunteers for the project at 200, in addition to 100 public figures.

He expected the document of the project to be prepared in August before a relevant national conference is organized.

The Arabian Gulf region, which extends from the Sultanate of Oman to Iraq, boasts two thirds of global oil and gas, something which can help Kuwait become the "world oil capital".

The project is mainly intended to pave the way for the private sector to play its due role in Kuwait, he said, adding that in the seventies the Kuwaiti private sector used to greatly contribute to what he called "the age of achievements in Kuwait".

But, he urged the Kuwaiti government to help the private sector resume its past role, expecting it to be reliable within 10-15 years.

The project would enable all countries and major companies wishing to invest in oil projects in Kuwait to be partners in future projects, Al-Arbeed pointed out.