• 4 minutes China - EU: Xi Says Cooperation Is Mainstream In Their Ties
  • 8 minutes The Mining Industry Has Had It Easy For Far Too Long
  • 11 minutes Lawsuit-Happy Councilor Wants to Take Big Oil to Court
  • 15 minutes U.S. Shale Output may Start Dropping Next Year
  • 1 hour Dutch Populists Shock the EU with Election Victory
  • 1 hour Trump to Make Allies Pay More to Host US Bases
  • 17 hours Venezuela Says Russian Troops Land to Service Military Equipment
  • 7 hours Multi-well Pad Drilling Cost Question
  • 22 mins Public Companies that attended OPEC "THREAT DINNER" at CERRAWEEK must disclose any risks in their SEC Financial filings.
  • 2 hours 3 Pipes: EPIC 900K, CACTUS II 670K, GREY OAKS 800K
  • 17 hours U.S.-China Trade War Poses Biggest Risk To Global Stability
  • 28 mins England Running Out of Water?
  • 22 hours Read: OPEC THREATENED TO KILL US SHALE
  • 1 day One Last Warning For The U.S. Shale Patch
  • 2 days Climate change's fingerprints are on U.S. Midwest floods
  • 1 day European Parliament demands Nord-Stream-ii pipeline to be Stopped
  • 2 days Modular Nuclear Reactors
Alt Text

How The Californian Oil Boom Died

California used to be a…

Alt Text

Cuba Faces Oil Crisis As Venezuela Crumbles

While sanctions continue to weigh…

Alt Text

China Can’t Get Enough Of This Discounted Oil

China is taking advantage of…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing for news outlets such as iNVEZZ and…

More Info

Trending Discussions

Saudi Arabia, Kuwait Halt Oil Production In Neutral Zone

Oil production the neutral zone between Saudi Arabia and Kuwait has stopped until the parties reach an agreement, Kuwaiti state news agency KUNA reported on Tuesday, citing Kuwait’s Oil Minister Bakheet Al-Rashidi.

The production halt was due to technical issues and reasons, Al-Rashidi told the Kuwaiti Parliament on Tuesday.

“I would like to stress that there is no production in the Neutral Zone, neither from Kuwait nor from Saudi Arabia,” Reuters quoted Al-Rashidi as saying. “We are working with the Saudi side to resolve the technical issues and we will soon be able to restart production by both sides,” the minister noted.

The so-called Partitioned Neutral Zone (PNZ) was established between Saudi Arabia and Kuwait in 1922 to settle a territorial dispute between the two countries. According to estimates by the EIA and the Oil and Gas Journal, the 6,200-square-mile area holds 5 billion barrels of oil and 1 trillion cubic feet (Tcf) of natural gas.

Following the discovery of oil at Wafra in the 1950s, Saudi Arabia and Kuwait agreed to the common ownership of the zone’s oil and gas resources. The resource-sharing principle between the two states has remained in place, even after the countries settled an international boundary in 1969. Related: Norway’s Oil Discoveries On Track For Best Year Since 2010

As of 2015, the oil production capacity in the neutral zone stood at 600,000 bpd, equally divided between Kuwait and Saudi Arabia, according to the EIA.

Onshore production in the neutral zone is concentrated on the Wafra oil field, which began pumping at the end of 1953. Wafra is the largest of the onshore fields in this neutral zone, with some 4.9 billion barrels in estimated recoverable reserves. Wafra is considered a super-giant heavy field.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage

Trending Discussions


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News