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Kuwait And Saudi Arabia Discover New Oil Field

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Kuwait And Saudi Arabia Discover New Oil Field

The discovery is considered to be very significant.

Wafra Joint Operations has discovered a new oil field in the neutral zone between Saudi Arabia and Kuwait. The field was discovered in North Wafra Wara Burgan, 5 kilometers north of the Wafra field. This was reported by the Saudi news agency SPA, citing the two governments.

"This is the first discovery since the resumption of production operations in the neutral zone and the adjacent maritime zone in mid-2020. The discovery is considered very significant given its positive impact on both countries' status as reliable global energy suppliers and their capabilities in the exploration and production sector," the statement said.

The neutral zone, which covers an area of more than 5,700 square kilometers, was established as part of an agreement between Kuwait and Saudi Arabia in 1922.

In 1970, the countries agreed to divide the zone, joining half of it to their territories while sharing the oil resources of Wafra and Khafji.

Conflicts between Saudi Arabia and Kuwait in 2014-2015 led to a complete suspension of oil production in this territory, which can produce almost 0.5% of global oil production.

In addition to the Wafra field (maximum capacity of 220 thousand bpd) in the neutral zone in joint exploitation is the Khafji field with a capacity of 280-300 thousand bpd. Oil production at the joint fields was resumed in July 2020.

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