Kuwait, Saudi Arabia agree to develop Durra gas field

Kuwait, Saudi Arabia agree to develop Durra gas field

KUWAIT: Saudi Arabia’s energy minister has signed a document with his Kuwaiti counterpart to develop the Durra gas field, Kuwait Petroleum Corporation said in a statement yesterday. The Durra field, which is shared between the two states, is expected to produce one billion standard cubic feet per day of gas and 84,000 barrels per day of condensates, according to the statement.

The plan, signed by Mohammad Al-Fares and his Saudi counterpart Prince Abdulaziz bin Salman, entails the use of cutting-edge and environment-friendly methods to ramp up gas output from the vital project, a joint endeavor between Saudi-based Aramco Gulf Operations Company and Kuwait Gulf Oil Company.

As per the deal, gas output will be divided evenly between the neighbors, at a time where soaring consumption has led to growing demand for energy in the two countries. Durra is located in the Kuwait-Saudi Neutral Zone, where production is divided equally between the two countries.

Oil prices soared yesterday as a weekend attack on Saudi facilities and EU discussions on banning Russian crude raised concerns over global supplies. Top producer Saudi Arabia warned that Yemeni rebel attacks on the kingdom’s oil facilities pose a “direct threat” to global supplies. Saudi Arabia “will not incur any