Saudi Arabia has signed a memorandum of understanding (MoU) with Kuwait to support the development of the Al-Durra gas field.
The President and CEO of Saudi Arabian Oil Company Eng. Ali Bin Saleh Al Ajmi signed the MoU for the Saudi side, while the CEO of Kuwait Gulf Oil Co Eng. Khaled AlOtaibi signed for the Kuwaiti side.
The Arash gas field or Durra gas field is a natural gas field located on the maritime borders of Iran, Kuwait, and Saudi Arabia.
According to the statement, “The MoU is an implementation of the minute of developing the Al Durra submerged field that was signed in March 2022, where the work shall resume directly on the project of developing the Al Durra field.”
Furthermore, the MoU intends to accelerate the works based on the program implementation and time schedule plan approved by the two countries.
“The development of the field comes in the implementation of the MoU signed by Saudi Arabia and Kuwait in 2019,” as per the reports. The development aims at producing 1 billion cubic feet of gas and 84,000 barrels of liquefied gas per day.
According to official estimates, Saudi Arabia’s economy grew by 8.8 percent in the third quarter of 2022 compared to the same period a year earlier, mainly due to a sharp increase in oil-related activity.
“Oil activities grew by 14.2 percent year-on-year in the third quarter and GDP growth was also boosted by 6 percent growth in non-oil activities,” the General Authority of Statistics data showed.
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