Saudi Arabia, Kuwait Affirm Right To Develop Durra Gas Field Amid Dispute With Iran

Saudi Arabia and Kuwait said Wednesday they have the right to develop the Durra offshore gas field amid a dispute with Iran.

In a statement issued by the Saudi Foreign Ministry, Riyadh said it has reached an agreement with Kuwait "to expedite the development and exploitation of the Durra offshore gas field."

The agreement came within the framework of a memorandum of understanding signed in Kuwait on December 24, 2019.

The statement said the two Gulf states "affirm their right to exploit the natural resources in this area (Durra field) and that they will continue working to enforce what was agreed upon."

On March 21, Kuwaiti Oil Minister Mohammad Al Fares and his Saudi counterpart Abdulaziz bin Salman al Saud inked an agreement to develop the offshore gas field.

The agreement stipulated that the project will be jointly developed by Saudi-based Aramco Gulf Operations Company and Kuwait Gulf Oil Company, with both countries sharing the output equally.

But Iran decried the Saudi-Kuwaiti agreement as "illegal," saying it must be included as one of the parties.

However, the Saudi statement said that the two Gulf nations previously invited Iran to "negotiate the delimitation of the eastern boundary of the Submerged Divided Zone but these calls were not heeded."

It added that Riyadh and Kuwait as "a single negotiating party renew their invitation" to Tehran to negotiation.

The gas field is expected to produce 1 billion cubic feet of gas and 84,000 barrels of condensate per day, according to reports.

The field, developed in the 1960s, contains large gas reserves, with some estimates putting it at 11 trillion cubic feet of natural gas and 300 million barrels of oil.

*Writing by Ibrahim Mukhtar in Ankara -