Kuwait, Saudi Arabia start trial oil pumping from divided zone: Kuwait minister

      Published on Monday, 17 February , 2020      667 Views      | Comments
Kuwait, Saudi Arabia start trial oil pumping from divided zone: Kuwait minister

  • Business

Kuwait and Saudi Arabia will start trial oil production from the jointly-operated Wafra and Khafji oilfields on Sunday, Kuwait’s oil minister said.




Khaled al-Fadhel said that trial production from the two fields in the Neutral Zone will increase gradually till it reaches its normal levels, Kuwait state news agency KUNA cited him as saying.

Fadhel said that he expects oil production from the Neutral Zone to reach 550,000 barrels per day before the end of the year. The production from the zone is divided between both Kuwait and Saudi Arabia.

The minister also said Kuwait now aims to boost its oil production capacity to 4 million bpd by 2040, after revising the country’s oil strategy.



Kuwait and Saudi Arabia, both members of the Organization of the Petroleum Exporting Countries (OPEC), agreed last year to end a five-year dispute over the border area known as the Neutral Zone, allowing production to resume at two jointly run fields that can pump up to 0.5% of the world’s oil supply.

Keywords:
Category: #Business, #Gulf News | 2020/02/17 latest update at 2:07 PM
Source : Reuters | Photocredit : Google
668 Views
Comments Add comment
April 1, 2020
66 Total Published News under Coronavirus Category

Coronavirus disease (COVID-19) Latest News

COVID-19 Live Updates
  • Total Cases - 629,355
  • Total Deaths - 28,963
  • Total Recovered - 138,085
  • New Cases - 33,043
  • Active Cases - 462,307
  • New Deaths - 1,622

Latest Comments





Gulf Media

Sponsored Publications


Related Articles

The editorial staff of Kuwait Media would like to give all of its readers from Gulf and Kuwait and the whole world the opportunity to participate actively in the development of the website! If you have something interesting, fun, scandalous - just something worth to be seen from more people. Capture it and share it in the Kuwait Today with a short text.

Do you have information you want to reach our readers?

Send article/s

You can subscribe to our Facebook, Twitter and Google pages or use our RSS feed channel to always read the most important news about Kuwait, the Gulf and the world.