Latest news with #Khafji
Zawya
01-07-2025
- Business
- Zawya
Second phase of merging Kuwait oil companies underway
KUWAIT CITY - In preparation for the second phase of merging the subsidiaries of the Kuwait Petroleum Corporation (KPC), informed sources revealed that the executive phase of merging Gulf Oil Company with Kuwait Oil Company (KOC) has begun through the transfer of the corporation's shares in the capital of the Gulf Oil Company to KOC. They highlighted a meeting held recently between the two companies' CEOs to start making administrative decisions regarding this matter. The sources explained that the second phase, following the initial merger of KIPIC with the Kuwait National Petroleum Company, is part of KPC's strategy to restructure the oil sector. This phase commenced with a meeting between KOC's CEO Ahmed Al-Eidan, acting CEO of Gulf Oil Company Bader Al-Munaifi, and representatives from the oil sector's leadership and workforce. The meeting also discussed the implications of Decision No. 60/2024, issued on May 5, 2024, concerning the transfer of KPC's ownership of shares. ' Al-Eidan affirmed the importance of job stability and preserving all benefits of Gulf Oil employees. It was decided that the legal and administrative status of Gulf Oil Company will remain unchanged at this stage, including the company's name, logo, and operational sites at its headquarters and joint operations in Khafji and Al-Wafra. The sources clarified that Al-Eidan indicated the change is limited solely to the transfer of share ownership, with KOC becoming the owning entity instead of KPC. Consequently, the highest authority will be the Board of Directors of KOC, without affecting daily operations or the current institutional structure. Arab Times | © Copyright 2024, All Rights Reserved Provided by SyndiGate Media Inc. (
The National
26-05-2025
- Business
- The National
Saudi Arabia and Kuwait announce 'highly significant' oil discovery in neutral zone
Saudi Arabia and Kuwait said they have made a significant oil discovery in the neutral zone, the first major new find since 2020 when they resumed production operations in the area. The Wafra joint operations have made the discovery of new reserve in the North Wafra Wara-Burgan field, with flows of crude oil from the reservoir 'exceeding 500 barrels per day', the state news agency SPA reported on Monday. The well is five kilometres north of Wafra field. 'This marks the first discovery since the resumption of production operations in the partitioned zone and its adjacent offshore area in mid-2020,' SPA said. The discovery is 'regarded as highly significant, given its positive impact on both countries' standing as reliable global energy suppliers and their capabilities in the exploration and production sector', it added. Kuwait and Saudi Arabia signed an agreement in 2019 dividing up oil production in the neutral zone that sits between the two countries, a move that analysts say could bring an additional 500,000 bpd of oil into the market. There are two major oilfields in the neutral zone, the onshore Wafra field and the offshore Khafji. Both ceased production in 2014 and 2015 respectively, but were restarted on July 1, 2020.
