Saudi Arabia, Kuwait set to sign deal on joint oilfields

Saudi Arabia, Kuwait set to sign deal on joint oilfields
Saudi Arabia, Kuwait set to sign deal on joint oilfields

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Hind Al Soulia - Riyadh - KUWAIT CITY — Saudi Arabia and Kuwait will sign a deal on Tuesday to resume production at two major oilfields in a shared neutral zone after five years of stoppage.

The Kuwait Gulf Oil Company (KGOC) said on Monday the signing ceremony will take place in the neutral zone where the offshore Khafji field and onshore Wafra field are located.

The two fields were pumping some 500,000 barrels per day before production was halted first at Khafji in October 2014 and then at Wafra months later due to environmental issues.

The oil produced in the neutral zone in the border area is shared equally between the two nations.

Khafji was jointly operated by KGOC and Saudi Gulf Operations, while Wafra was operated by KGOC and Saudi Arabian Chevron.

It was not immediately specified when the two fields will start pumping again, but the agreement comes as oil prices are under pressure due to abundant reserves and weak global economic growth.

The slump has prompted OPEC and its allies to make deeper production cuts starting next month. — AFP


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