Chevron said on Dec. 24 it expects Saudi-Kuwaiti Neutral Zone's Wafra oilfield to return to full production within 12 months.
Kuwait and Saudi Arabia on Tuesday signed a deal aiming to end their five-year dispute over the Neutral Zone and resume production which can amount to up to 0.5 percent of global oil supply.
"We welcome the signing of a memorandum of understanding between the governments of Kingdom of Saudi Arabia and the State of Kuwait which will lead to a restart of production and operations in the Wafra Joint Operations," Chevron said.
Saudi Arabian Chevron, on behalf of Saudi Arabia, jointly operates the Wafra field with the Kuwait Gulf Oil Company, (KGOC). The Wafra field has been shut in since May 2015.
Saudi Aramco priced its IPO at 32 riyals (US$8.53) per share, the top of its indicative range, the company said in a statement.
Crown Prince Mohammed bin Salman said Saudi Aramco, the world’s biggest oil company, could sell further shares including to international investors within the next year or two.
OPEC and its allies plan to deepen oil cuts and have the deal in place so it runs at least until June 2020 as Saudi Arabia wants to deliver a positive surprise to the market before the listing of Saudi Aramco, two sources familiar with the talks said.