Kuwait agrees to restart joint oilfield with Saudi
The Khafji oilfield was shut in October 2014 for environmental reasons
Kuwait has agreed with Saudi Arabia to resume production at the joint Khafji oilfield, the country's acting Oil Minister said on Tuesday.
Anas al-Saleh, who is also Kuwait's Finance Minister, told reporters in Kuwait City that production from Khafji would be small and gradual, ‘according to the environmental considerations’.
The Khafji oilfield was shut in October 2014 for environmental reasons. It had been producing 280,000-300,000 barrels per day (bpd) and is operated by Al-Khafji Joint Operations Co, a joint venture between AGOC, a subsidiary of state oil firm Saudi Aramco, and Kuwait Gulf Oil Co.
The Khafji shutdown led to a loss of 300,000 barrels of daily output, Prince Abdulaziz bin Salman, Saudi Arabia deputy oil minister, said last year.