Saudi Aramco Gulf Operations Company (AGOC) and Kuwait Gulf Oil Company (KGOC) signed a memorandum of understanding (MoU) to develop the two countries’ joint Durra gas field.
Saudi Energy Minister Prince Abdulaziz bin Salman and Kuwaiti Oil Minister Badr Hamed Al Mulla attended a signing ceremony in Kuwait City, according to SPA.
The development aims at producing 1 billion cubic feet of gas and 84,000 barrels of liquefied gas per day, according to the Kuwaiti state news agency (KUNA). Byproducts will include natural gas liquids such as butanol and propane.
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The signing comes to implement the memo signed, on December 24, 2019, between 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, according to Acting CEO of KGOC Khaled Al-Otaibi.
The Al-Durra field is not new — it was discovered in 1967 and is estimated to have gas reserves in the region of 20 trillion cubic feet.
In November 2021, the Kuwait Petroleum Corporation (KPC) had a consultant assess the safest and most economical ways to develop the site and segregate the stakeholders’ share in line with previous agreements and the memorandum of understanding.
