Wafra field, located in the Neutral Zone, will restart its oil production by March, according to Khaled Al-Fadhel, Kuwaiti Oil Minister, reported by Arab Times.
The field stopped its operations since 2015 due to a dispute between Kuwait and Saudi Arabia. This dispute resulted from Saudi Arabia’s renewal of Chevron’s concession.
Solving this issue, the two countries signed an agreement on December 24, 2019. This agreement stipulated that the oil production in the two jointly-run fields, Khafji and Wafra, will resume production, and they are expected to pump up to 0.5% of the world’s oil supply. The two fields combined production is around 500,000 barrels per day (b/d), which is more than each of the Organization of the Petroleum Exporting Countries’ (OPEC) three smallest members pumped in December.
Kuwait’s parliament voted to ratify the reached agreement between the two countries to resume production at the shared oilfields in the Neutral Zone.