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Thu 13 Feb 2020 07:42 PM

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Saudi Arabia, Kuwait agree restart of shared oil field from Sunday

Wafra has been shut since May 2015, due to a dispute over Saudi Arabia's renewal of Chevron Corp's concession there

Saudi Arabia, Kuwait agree restart of shared oil field from Sunday

Saudi Arabia and Kuwait have authorised the restart of oil production at the Wafra field from Sunday, more than four years after they halted output at the shared deposit.

The decision was announced in an internal memorandum seen by Bloomberg News. Wafra has been shut since May 2015, due to a dispute over Saudi Arabia’s renewal of Chevron Corp’s concession there.

Kuwait and Saudi Arabia have said a resumption would be unlikely to add significant amounts of oil to the market within the current duration of the Organisation of Petroleum Exporting Countries’ production cuts deal, which runs until the end of March.

The Saudi and Kuwaiti energy ministries could not be immediately reached. A Chevron spokeswoman wasn’t immediately able to comment. Saudi Aramco media declined to comment.

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