Saudi Arabia’s cabinet approved an agreement with Chevron Saudi Arabia (SAC) regarding the Neutral Zone between the kingdom and Kuwait, the state news agency said late Aug. 18.
“It approved ... amending and extending an agreement between the Saudi government and Chevron Saudi Arabia in the Neutral Zone,” the cabinet statement said, without giving further details.
Kuwait and Saudi Arabia, both members of OPEC, agreed last year to end a five-year dispute over the border area known as the Neutral Zone, allowing production to resume at the jointly run Wafra and Khafagi oil fields that can pump up to 0.5% of the world’s oil supply.
Crude oil production resumed early July at the Wafra oil field, shared by Kuwait and Saudi Arabia.
SAC operates the Wafra oil field on behalf of the Saudi government together with the Kuwait Gulf Oil Co.
Recommended Reading
Baker Hughes Awarded Saudi Pipeline Technology Contract
2024-04-23 - Baker Hughes will supply centrifugal compressors for Saudi Arabia’s new pipeline system, which aims to increase gas distribution across the kingdom and reduce carbon emissions
PrairieSky Adds $6.4MM in Mannville Royalty Interests, Reduces Debt
2024-04-23 - PrairieSky Royalty said the acquisition was funded with excess earnings from the CA$83 million (US$60.75 million) generated from operations.
Equitrans Midstream Announces Quarterly Dividends
2024-04-23 - Equitrans' dividends will be paid on May 15 to all applicable ETRN shareholders of record at the close of business on May 7.
SLB’s ChampionX Acquisition Key to Production Recovery Market
2024-04-21 - During a quarterly earnings call, SLB CEO Olivier Le Peuch highlighted the production recovery market as a key part of the company’s growth strategy.
PHX Minerals’ Borrowing Base Reaffirmed
2024-04-19 - PHX Minerals said the company’s credit facility was extended through Sept. 1, 2028.