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Khafji oilfield, which is jointly operated by Saudi Arabia and Kuwait, will resume production gradually to produce 325,000 oil barrels per day (bpd) by the end of 2020, the Saudi Press Agency reported, citing energy minister Prince Abdul Aziz bin Salman.
The Kingdom will also embark on new projects at the Dorra offshore gas field soon, Prince Abdul Aziz said, noting that some companies have the ability to launch these projects, as the area has a promising large quantity of gas.
“With the signing of this new accord, both parties have reached consensus that now is the right time to resume production in this zone. Both sides will work to ensure production resumption at the earliest opportunity,” Amin Nasser, CEO of state-owned Saudi Aramco, said.
Elsewhere, Kuwaiti Oil Minister Khaled Al-Fadhel said resuming oil production from the Neutral Zone would not affect both countries’ commitments to the OPEC+ oil output cut deal.
Saudi Arabia and Kuwait signed an agreement to resume oil production in a shared border region more than four years after halting output.
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Resumption of joint oilfield output won’t affect Saudi global oil supply, says minister |
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