07/02/2014 08:55 AST

Phase one of the joint heavy oil project between Kuwait and Saudi Arabia in the city of Wafra will cost $5 billion, KUNA reported quoting a state oil official.

When completed the project is expected to produce around 80,000 barrels per day of oil, Kuwait Gulf Oil Company (KGOC) CEO Ali Al-Shemmeri said.

The first phase will include 288 producing wells — 133 injection wells, 67 observation wells and five storm water injection wells — and will require 100 megawatts of electricity used in operating steam turbines.

KGOC is currently working with its Saudi partner, Saudi Arabian Chevron, on a new deal that organizes the joint relationship between both sides in Wafra’s joint operations zone.

Al-Shemmeri said the current deal was signed back in 1956 and new developments urge the need for this change.

The initial stage of an agreement between the two sides on the project has been finalized, he added, and this will aim to enhance partnerships in the field of technologies used in the area.


Arab News

Ticker Price Volume
QNBK 123.30 103,897
MMG 0.00 0
ARNB 24.06 13,626
SABIC 100.87 2,504,855
CHEMANOL 7.11 932,192
KCBK 12.00 1,889
BURUJ 34.50 110,831
UAE hails partnership with IAEA

23/09/2017

Hamad Ali Al Ka’abi, Permanent Representative of the UAE to the International Atomic Energy Agency, IAEA, has expressed the UAE’s appreciation for the Agency’s efforts in assisting member states to b

WAM

Saudi to introduce bankruptcy law early next year

23/09/2017

Saudi Arabia is set to introduce a bankruptcy law early next year as part of efforts to attract foreign investment and encourage private sector activity, said a report, citing Saudi-owned broadcaster

Trade Arabia

Saudi Arabia plans 80pc hike in gasoline prices

23/09/2017

Saudi Arabia is considering raising domestic prices for gasoline and jet fuel by around 80 per cent from November, said a report.

Octane-91 grade gas price will increase from 75 halalas p

Trade Arabia

Saudi Domestic Sukuk: Indication of Financial Solidity

21/09/2017

The Saudi Finance Ministry announced on Monday that the third domestic sukuk issuance reached 350 percent in a record rate, while the first issuance was at 297 percent and the second at 300 percent.

Asharq Al Awsat

Islamic banking products ‘losing appeal in UAE’

21/09/2017

The number of UAE consumers applying for Islamic banking products has declined since last year, according to a new study from yallacompare, a leading comparison site in the Middle East.

By

Trade Arabia