Saudi Arabia and Kuwait could pump 320,000 b/d from the neutral zone a year after the resumption of production, the IEA said last week in its latest monthly oil market report. The neutral zone, which is shared equally between Kuwait and Saudi Arabia, produced 500,000 bpd before production was halted in late 2015. Terms of Service  . The Khafji field is part of the Al-Khafji Joint Operations, owned 50:50 by Saudi Arabia's Aramco Gulf Operations Co. and Kuwait Gulf Oil Co. Aramco, the field's operator, unilaterally shut production down in October 2014, citing new government emissions standards for gas flaring. The Wafra field is operated by state-run Kuwait Gulf Oil Co and Chevron on behalf of Saudi Arabia. The Wafra field is operated by state-run Kuwait Gulf Oil Co and Chevron on behalf of Saudi Arabia. Saudi energy minister Prince Abdulaziz bin Salman said in December production from Khafji could reach 325,000 b/d by the end of 2020. Scheduled for completion in September 2015, the project will replace many of the facility’s heaters, coolers, pumps and other equipment. All Rights Reserved. The two countries are working to restart production from the field, with ..... Wafra and Khafji fields can produce up to 500,000 barrels per day ..... After months of negotiation between Saudi Arabia and Kuwait, the pair appear ..... Production in the shared area, which could produce up to 500,000 barrels ..... Keep supporting great journalism by turning off your ad blocker. Please use the button below and we will bring you back here when complete. Wafra oilfield was discovered in 1954 by the former operators American Independent Oil (Aminoil) and Getty Oil.

Khafji produced some 300,000 bpd before the stoppage five years ago but it had not recovered full output. -0.54 -0.66% Kuwait and Saudi Arabia could reach an agreement by the end of this year to renew oil output in the shared neutral zone along their border, Kuwaiti Oil … If you are a Platts Market Center subscriber, to reset your password go to the Platts Market Center to reset your password. Your registration is complete and your account is active. Russia is still studying that proposal.

[Yes] I would like to receive S&P Global Platts promotional emails. "Inshallah, we hope we will resolve it in the very near future.". It’s free and easy to do. Kuwait, Saudi halt oil production from neutral zone The neutral zone, which is shared equally between Kuwait and Saudi Arabia, produced 500,000 bpd before production was halted in late 2015. Arabian Business: why we're going behind a paywall, A month after oil plunged into the abyss, prices are surging, Saudi Aramco is first oil major to regain pre-price-war share price, OPEC+ responds to oil market collapse with surprise urgency, ADNOC CEO reveals 'cautious optimism' in oil markets, Saudi loss of China oil market share likely brief, say analysts, Saudi Arabia said planning to trim crude exports to US, Europe.

The United Arab Emirates and Kuwait followed suit with pledges of additional cuts of 100,000 bpd and 60,000 bpd respectively. The OPEC oil cartel to which they both belong struck a deal with non-OPEC producers led by Russia in April to cut output by a record 9.7 million barrels per day after crude prices plummeted to a two-decade low. If you have any questions or concerns please contact support@platts.com or click here, Please Note: Platts Market Center subscribers can only reset passwords via the Platts Market Center. FEED activities for expansion of the project started in September 2013, targeting the 2nd Eocene carbonate reservoir. The unique status of the Neutral Zone is exemplified by its structure – its largest onshore oil field (Wafra) is operated by Chevron, the only remaining place in Saudi Arabia and Kuwait where a major asset is held by an international firm. The two countries were working to resolve "technical issues related to the environment," he said, in order to restart production from two fields that have been offline for almost four years due to a political dispute. Your registration is complete and your account is active. Advertise, The Oil and Gas sector's path to investment - Demonstrate Strong Financial Management, The oil industry needs to get used to dwindling demand, COMMENT: Lloyd's Register welcome OGA Energy Integration Project Report, The decline of the family-owned oil company, Open market oil sales is the new normal in South Sudan, Business Analyst - Business Controls - LEAN, Electrical Project Manager - Commercial Construction, Electrical Project Engineer - Commercial Construction. All Rights Reserved. Receive daily email alerts, subscriber notes & personalize your experience. The offshore al-Khafji field, owned by Saudi Arabia's Aramco Gulf Operations Co. and Kuwait Gulf Oil Co., could produce about 60,000 b/d by August and after one year 175,000 b/d, the Paris-based agency said in its monthly oil report. The OPEC oil cartel struck a deal with non-OPEC producers led by Russia in April to cut output by a record 9.7m barrels per day after crude prices plummeted to a two-decade low.

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