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Saudi Aramco’s wholly-owned subsidiary Aramco Gulf Operations Co. has signed a memorandum of understanding (MoU) with state-owned Kuwait Gulf Oil Co. (KGOC) to develop the Durra gas field in the Neutral Zone, the state-run SPA news agency reported.
In March, Saudi Arabia’s Minister of Energy Prince Abdulaziz bin Salman signed a document with his Kuwaiti counterpart to jointly develop and explore the Durra gas field.
Earlier this month, Kuwait’s Arabic language daily Alqabas said the two countries had raised estimates for their investment in the joint Durra gas field by nearly $70 million.
The agreement on Durra field, with estimated gas reserves of nearly 20 trillion cubic feet, includes producing one billion cubic feet of gas and 84,000 barrels per day of condensates.
In June 2022, Kuwait’s official news agency KUNA had reported Saudi and Kuwait are aiming to accelerate the development of Wafra and Al-Khafji oil fields located in the neutral zone.
(Writing by D Madhura; Editing by Anoop Menon)
