Kuwait plans to resume oil production at Wafra field, shared with Saudi Arabia, by March, Oil Minister Khaled Al-Fadhel told Bloomberg.
The field has been shut down for more than four years, due to an issue with Saudi Arabia renewing Chevron’s concession. The fields in the neutral zone could produce up to 500,000 barrels per day, but will likely have little impact on supply, since both Kuwait and Saudi Arabia are bound to production cuts agreed by the Organisation of Petroleum Exporting Countries, which will run until the end of March.
READ: OPEC could extend production cuts until the end of 2020
Production has been inactive in the neutral zone for many years, with offshore Khafji field shut down since 2014, followed by Wafra in 2015.
