Mubasher: Japan's Toyo Engineering Corporation said on Monday that Khafji and Hout oilfields, which are jointly operated by Saudi Arabia and Kuwait in the Neutral Zone, would resume their oil production in 2019.
The Japanese company said it won a third renewal of General Engineering Services Agreement (GESA) from Al Khafji Joint Operations (KJO), under which Kuwait and Saudi Arabia jointly operate the two oilfields Khafji and Hout.
Under this renewal, Toyo Engineering is scheduled to support KJO until 2023 on the project planning feasibility study, FEED, and technical support.
It is noteworthy that the maximum oil production rate of these two fields is 350,000 barrels per day (bpd), Toyo Engineering said in a statement.
“Due to lower crude oil prices, the production of the oil fields was suspended at 2014. Because of oil price recovery, KJO starts the preparation work to re-produce oil from the fields from 2019,” Toyo Engineering noted.
