RIYADH, Dec 27 (NNN-SPA) – Saudi Arabia and Kuwait launched the countdown, to resume oil production in their joint oilfields in the shared Neutral Zone.
Saudi Minister of Energy, Prince Abdulaziz bin Salman bin Abdulaziz, and Kuwaiti Minister of Electricity and Water, Khaled Al-Fadil, launched the countdown during a visit to the headquarters of the Al-Khafji Joint Operations, a joint venture between Saudi Aramco Gulf Operations Company and Kuwait Gulf Oil Company.
Prince Abdulaziz indicated that the resumption of the production of the joint Khafji operations will be gradual and will reach about 325,000 barrels per day by the end of 2020.
He underscored the strength of the Saudi-Kuwaiti relations, citing that, they are “based on the bonds of kinship, blood and common destiny” and could serve as “the best model” for relations between countries.
For his part, al-Fadhel said, Kuwait is committed to the international decisions to reduce oil production, adding that, the joint production between Saudi Arabia and Kuwait does not contradict the decisions of “OPEC+” agreement on production cuts.
The two countries signed the agreements to divide the Neutral Zone between the two countries and to resume joint oil production along the border. They suspended production of the jointly-run oil fields of Khafji and Wafra in the zone, over four years ago.– NNN-SPA