Riyadh – Mubasher: The Saudi Arabian Oil Company (Saudi Aramco) has welcomed the new agreements signed on sharing crude oil production in the Neutral Zone between Saudi Arabia and Kuwait, according to a company statement released on Wednesday.
Under the agreement, production from the two joint oil fields, Khafji and Wafra, will be resumed.
“Today is a remarkable day within the framework of economic and oil cooperation and integration between both the Kingdom of Saudi Arabia and the State of Kuwait,” Saudi Aramco’s president and CEO Amin Nasser said.
Production in the 5,770-kilometer zone has been halted for more than four years. Fields in the zone could produce around 500,000 barrels per day, around 0.5% of the global oil supply.
“With the signing of this new accord, both parties have reached consensus that now is the right time to resume production in this zone. Both sides will work to ensure production resumption at the earliest opportunity,” Nasser added.
