New oil field discovered in Saudi Arabia-Kuwait neutral zone

Saudi Arabia and Kuwait announced the discovery of a big oil field in the so-called Partitioned Neutral Zone, which is located on the border between the two countries. The new site is just five kilometers north of the Wafra field.

This is the first discovery in the region in recent years, as work resumed there only in 2020 after a long break. This event will significantly strengthen the reputation of both countries as stable suppliers of energy resources to the world market. According to Saudi Arabian officials, the new field will create more opportunities to improve hydrocarbon exploration and production technologies.

Kuwait considers this discovery an important step in realizing its long-term strategy for developing the oil and gas sector. The state plans to invest $50 billion to modernize production facilities and aims to reach a production level of 3 million barrels per day by 2028. Meanwhile, the state oil company's strategic plan anticipates expanding capacity to 4 million barrels per day by 2040, utilizing the potential of the new field.