Chevron begins preparations to restart Wafra oilfield on Saudi-Kuwaiti border

The logo for Chevron appears above a trading post on the floor of the New York Stock Exchange on Aug. 16, 2019. (AP)

Chevron has begun preparations to restart production at the Wafra oilfield in the Kuwaiti-Saudi Neutral Zone, the company said in a statement on Thursday.

The two neighboring Middle Eastern countries in December signed a deal aiming to end their five-year dispute over the Neutral Zone and resume production which can amount to up to 0.5 percent of global oil supply.

Saudi Arabian Chevron (SAC), on behalf of Saudi Arabia, jointly operates the Wafra field with the Kuwait Gulf Oil Company (KGOC). The Wafra field has been shut in since May 2015.

“SAC has now embarked on a series of pre-startup activities, which includes efforts to ensure its workforce is ready to safely restart operations and then production,” the Chevron statement said.

Last Update: 17:01 KSA 20:01 - GMT 17:01