July 2, 2018 / 7:48 AM / a year ago

Kuwait, Saudi to resume output from Neutral Zone in 2019 - Toyo Engineering

TOKYO, July 2 (Reuters) -

* Japan’s Toyo Engineering Corp said on Monday that Khafji and Hout oilfields in Kuwait’s jointly operated fields in the Neutral Zone with Saudi Arabia would resume output in 2019.

* The Japanese firm said it won a third renewal of General Engineering Services Agreement (GESA) from Al-Khafji Joint Operations (KJO), under which the two nations jointly operate Khafji and Hout Oil Fields.

* By the renewal, Toyo Engineering said it is scheduled to support KJO until 2023 on project planning feasibility study, FEED and technical support

* “Maximum oil production rate of the fields is 350,000 barrels per day,” Toyo Engineering said in a statement. “Due to lower crude oil prices, the production of the oil fields was suspended at 2014. Because of oil price recovery, KJO starts the preparation work to re-produce oil from the fields from 2019.” (Reporting by Osamu Tsukimori)

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