A project to develop the offshore Dorra gas field by Saudi Arabia and nearby Kuwait will cost nearly $7 billion, a Kuwaiti newspaper reported on Tuesday. 

The two Gulf countries, among the largest OPEC oil producers, signed an agreement on Monday to develop the field which is located in the oil-rich Neutral Zone they share.

The Durra field is expected to produce one billion standard cubic feet per day of gas and 84,000 barrels per day of condensates, according to an official statement. 

“Official sources in Kuwait have revealed that the project to develop this field will cost around $7 billion..the costs will be shared equally by the two countries,” the Arabic language daily Alanba said. 

It quoted the sources as saying the field contains 10-11 trillion cubic feet of natural gas and at least 300 million barrels of crude oil. 

“This important project will open up vast opportunities to develop the oil operations areas in the Neutral Zone,” the paper said. 

(Writing by Nadim Kawach; Editing by Anoop Menon)