No change on Kuwait, Saudi talks over joint oil field differences

The official said that Kuwait will continue to invest in its fields so that it can raise its production capacity (Shutterstock)

Kuwait will raise its oil production capacity this year to 3.15 million barrels per day (mbpd), and then to between 3.25 and 3.3 mbpd next year, depending on its fields and without relying on neutral zone fields which are jointly run by Kuwait and Saudi Arabia, Nizar al-Adsani , CEO of Kuwait Petroleum Corporation has said.

Al-Adsani was speaking on Wednesday on the sidelines of the ‘Energy Dialogue’ held in Riyadh, the Saudi capital, according to Asharq Alawsat newspaper.

He added there was no new developments regarding talks about the neutral zone’s production which was stopped two years ago, pointing out that Kuwait will continue to invest in its fields so that it can raise its production capacity, according to the stated plan.

During recent weeks, there have been reports stating that operations and exports from oil fields jointly operated by Kuwait and Saudi Arabia will resume soon, according to Kuwaiti local media reported.

The Al Khafji oilfield has been shut since October 2014 for non-compliance with new Saudi environmental standards. It is operated by Al Khafji Joint Operations Co, a joint venture between AGOC, a subsidiary of state oil firm Saudi Aramco, and Kuwait Gulf Oil Co, according to many Kuwaiti news outlets.

Saudi Arabia and Kuwait also share the Wafra oilfield, which, reportedly, has been shut since May 2015 due to operating difficulties.

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Last Update: 15:16 KSA 18:16 - GMT 15:16
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