Kuwait sharply boosts Durra gas field budget: report

Kuwait sharply boosts Durra gas field budget: report

A state-owned Kuwait company which jointly manages “Durra” gas field with Saudi Arabia has decided to boost the budget for the field’s development by more than eight times, a newspaper reported on Wednesday.

The Kuwait Gulf Oil Company (KGOC) had earlier approved 180 million Kuwaiti dinars ($627 million) as a preliminary budget but it has recently decided to increase the funds to KWD1.5 billion ($4.95 billion), the Kuwaiti Arabic language daily Alqabas said.

It quoted “informed” sources as saying the new budget needs to be endorsed by the Supreme Petroleum Council and the Kuwait Petroleum Corp, which manages the OPEC producer’s massive hydrocarbon industry.

The paper noted that Kuwait and neighboring Saudi Arabia agreed in December to jointly develop the offshore Durra field, which is located in a divided hydrocarbon-rich border region called “the Neutral Zone.”

Officials from both Gulf nations have estimated that the field contains nearly 20 trillion cubic feet of gas and could pump around one billion cubic feet per day.

(Writing by Nadim Kawach; Editing by Anoop Menon)

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