The Kuwait Gulf Oil Company (KGOC), a subsidiary of the Kuwait Petroleum Corporation (KPC), signed on Sunday a Memorandum of Understanding (MoU) with Saudi Aramco Gulf Operations Company to develop the joint Durra gas field.
Kuwait’s Deputy Prime Minister and Minister of Oil Dr. Badr Al-Mulla and Saudi Minister of Energy Prince Abdulaziz bin Salman attended the signing ceremony.
In a press statement, Acting CEO of KGOC Khaled Al-Otaibi said the memo includes procedures to develop the field that are based on implementing the provisions mentioned in the minutes of the ministerial meeting.
The MoU aims to re-assess and complete engineering studies of the field project as well as form a technical team to carry out the scheme, he added.
He indicated that the joint Durra field development program aims to produce one billion cubic feet of natural gas per day and 84,000 barrels of liquefied gas per day.
The signing comes to implement the memo signed, on December 24, 2019, between the Kuwait and Saudi Arabia governments, he said.
It is also a culmination of the talks held between the two countries’ officials on reaching a deal on a direct mechanism, and carrying out and developing the Durra field located in the divided area between the State of Kuwait and the Kingdom of Saudi Arabia, he stated.
