{"id":14330,"date":"2025-05-27T11:17:53","date_gmt":"2025-05-27T11:17:53","guid":{"rendered":"https:\/\/roydadnaft.ir\/English\/?p=14330"},"modified":"2025-05-27T11:17:53","modified_gmt":"2025-05-27T11:17:53","slug":"saudi-arabia-and-kuwait-announce-new-oil-discovery","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/14330\/","title":{"rendered":"Saudi Arabia and Kuwait Announce New Oil Discovery"},"content":{"rendered":"

RoydadNaft – <\/a><\/span>\u00a0Saudi Arabia and Kuwait have announced a new oil discovery in the so-called Partitioned Zone (PZ) between the two OPEC heavyweights which share equally output from the area.<\/p>\n

\u00a0Saudi Arabia and Kuwait announced on Monday that Wafra Joint Operations had made a new oil discovery in the North Wafra Wara-Burgan field, located 5 kilometers (3.1 miles) north of the Wafra field, the official Saudi Press Agency <\/span>reported<\/span><\/a>.\u00a0\u00a0<\/span><\/p>\n

The so-called Partitioned Neutral Zone (PNZ) was established between Saudi Arabia and Kuwait in 1922 to settle a territorial dispute, while crude oil was first discovered at Wafra in the 1950s.\u00a0<\/span><\/p>\n

Now the Wara reservoir in the North Wafra (Wara-Burgan-1) well flowed at a rate exceeding 500 barrels per day of crude oil with an API gravity of 26 to 27 degrees, the Saudi agency reported.\u00a0\u00a0<\/span><\/p>\n

“This marks the first discovery since the resumption of production operations in the Partitioned Zone and its adjacent offshore area in mid-2020,” Saudi Arabia said. <\/span>
<\/span>“The discovery is regarded as highly significant, given its positive impact on both countries’ standing as reliable global energy suppliers and their capabilities in the exploration and production sector.”\u00a0<\/span><\/p>\n

Saudi Arabia is currently leading OPEC+ efforts to return more oil supply to the market, as the top OPEC producer is fed up with overproduction from other OPEC+ members, most notably Kazakhstan, and appears willing to endure short-term price pain <\/span>to discipline U.S. shale<\/span><\/a>.<\/span><\/p>\n

Kuwait, for its part, plans to invest as much as <\/span>$50 billion<\/span><\/a> to raise its oil production capacity to above 3 million barrels per day (bpd) over the next five years, Kuwait Petroleum Corporation’s deputy chairman and CEO, Shaikh Nawaf Al-Sabah, said earlier this month.\u00a0<\/span><\/p>\n

The 2040 strategy of Kuwait’s state-owned corporation\u00a0<\/span>envisages<\/span><\/a>\u00a0the OPEC producer to boost its sustainable crude oil production capacity to 4 million bpd, including capacity in the Partitioned Zone.\u00a0Kuwait, a founding member of OPEC, is the cartel’s fifth-largest producer, behind Saudi Arabia, Iraq, Iran, and the United Arab Emirates (UAE).\u00a0\u00a0<\/span><\/p>\n

Updated on