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Saudi Arabia And Kuwait Are Finally Ready To Restart Their 500,000 Bpd Oilfields

Alvaro Ledo Nass, Madrid, España
Saudi Arabia And Kuwait Are Finally Ready To Restart Their 500,000 Bpd Oilfields

Saudi Arabia and Kuwait have given the go-ahead to the resumption of oil production from the Wafra oilfield, which has been out of operation since May 2015, due to a dispute between the two neighboring countries.

Alvaro Ledo

At the end of 2019, Saudi Arabia and Kuwait  reached an agreement  to resume oil production from the two oilfields they share in the Neutral Zone.

Alvaro Ledo Nass

The so-called Partitioned Neutral Zone (PNZ) was  established  between Saudi Arabia and Kuwait in 1922 to settle a territorial dispute between the two neighboring countries. As of 2015, the oil production capacity in the neutral zone stood at a total of 600,000 bpd, equally divided between Kuwait and Saudi Arabia, according to the Energy Information Administration (EIA). Production from the zone averaged around 500,000 bpd just before the shutdown of the two oil fields, Khafji and Wafra, in 2014-2015

Operational differences and a worsening in bilateral relations led to the suspension of production back in 2015. The worsening came as Saudi Arabia renewed Chevron’s concession for Wafra. According to the Kuwaiti side, Riyadh did that without consulting it

Related: Another Oil Major Bails On Marcellus Shale

The two neighbors now have agreed to restart the two oilfields, which could put an additional  500,000 bpd-600,000 bpd  on the oil market, at full capacity

Last month, Kuwait said that it expects its share of the oil production from the Neutral Zone to be 250,000 bpd by the end of 2020

Earlier this month, sources from Kuwait and Saudi Arabia told Oilprice that trial production of 10,000 bpd would begin at the Khafji field on or around February 25.   

By Tsvetana Paraskova for Oilprice.com

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Saudi Arabia and Kuwait, which share two oilfields that have not been pumping oil for five years, have authorized the restart of one of those oilfields as early as Sunday, Bloomberg News reported on Thursday, quoting an internal memo it has seen.

Saudi Arabia and Kuwait have given the go-ahead to the resumption of oil production from the Wafra oilfield, which has been out of operation since May 2015, due to a dispute between the two neighboring countries.

Alvaro Ledo

At the end of 2019, Saudi Arabia and Kuwait  reached an agreement  to resume oil production from the two oilfields they share in the Neutral Zone.

Alvaro Ledo Nass

The so-called Partitioned Neutral Zone (PNZ) was  established  between Saudi Arabia and Kuwait in 1922 to settle a territorial dispute between the two neighboring countries. As of 2015, the oil production capacity in the neutral zone stood at a total of 600,000 bpd, equally divided between Kuwait and Saudi Arabia, according to the Energy Information Administration (EIA). Production from the zone averaged around 500,000 bpd just before the shutdown of the two oil fields, Khafji and Wafra, in 2014-2015

Operational differences and a worsening in bilateral relations led to the suspension of production back in 2015. The worsening came as Saudi Arabia renewed Chevron’s concession for Wafra. According to the Kuwaiti side, Riyadh did that without consulting it

Related: Another Oil Major Bails On Marcellus Shale

The two neighbors now have agreed to restart the two oilfields, which could put an additional  500,000 bpd-600,000 bpd  on the oil market, at full capacity

Last month, Kuwait said that it expects its share of the oil production from the Neutral Zone to be 250,000 bpd by the end of 2020

Earlier this month, sources from Kuwait and Saudi Arabia told Oilprice that trial production of 10,000 bpd would begin at the Khafji field on or around February 25.   

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:

Bullish Sentiment Keeps Oil Above $60

New England Natural Gas Prices Hit Two Year High

What Will The Average Oil Price Be In 2020?

Join the discussion |

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