Saudi Arabia, Kuwait signed MOU to Resume Joint Oil Output

Saudi Arabia, Kuwait signed MOU to Resume Joint Oil Output

Saudi Arabia and Kuwait signed an agreement Tuesday to resume pumping at two major oil fields in a shared neutral zone.

After shutting this zone for five years due to a bilateral disagreement, officials said.

Kuwait’s oil minister Khaled al-Fadhel said on Twitter:
“The MOU signed with Saudi Arabia included “the resumption of production in the divided zone”.

The two countries also signed an agreement on the demarcation of land and maritime borders in the neutral zone, KUNA reported.

KUNA did not give details on the contents of the deal.

Yet, it likely revolves around amending previous border agreements between the two Arab nations.

The two nations equally shares the neutral zone-oil produced.

Khafji, an offshore field, was jointly operated by Kuwait Gulf Oil Co. and Saudi Aramco Gulf Operations.

While KGOC and Saudi Arabian Chevron the onshore Wafra field.