Kuwaiti Oil Minister Tariq Al-Roumi announced that bid rounds for the long-delayed Durra offshore oil and gas field are expected to launch this year. Speaking to Reuters, Al-Roumi confirmed that the project, to be developed in partnership with Saudi Arabia, is no longer facing obstacles and that tenders of “all kinds” will be issued for the “very large” development.

Al-Roumi also commented on oil market conditions, saying he hoped prices would improve but described current levels as “acceptable” given prevailing circumstances, without elaborating further.

His remarks came a day after OPEC+ agreed to maintain oil output levels unchanged in March, despite crude prices reaching a six-month high amid concerns that the United States could launch a military strike on OPEC member Iran.

The Durra gas field is a major offshore resource located in the neutral zone waters shared by Kuwait and Saudi Arabia in the northern Arabian Gulf. Known as Arash in Iran, the field holds significant natural gas and condensate reserves and is seen as strategically important for boosting regional gas supplies, particularly for power generation and petrochemicals.