The State of Kuwait today issued Amiri Decree No. 217 of 2017 approving the memorandum of understanding between the Kuwaiti and Iraqi oil ministries on the exploitation and development of joint oil fields between the two sides.
According to the decree published by the official newspaper of Kuwait on Wednesday, the agreement provides for the development and exploitation of the border fields between Kuwait and Iraq, which includes the fields of Ratqa and Abdali in northern Kuwait, and from the Iraqi side include Rumaila and Safwan fields in southern Iraq.
Iraq has 24 oil fields shared with Iran, Kuwait and Syria, including 15 fields are not exploited.
The Kuwaiti and Iraqi oil ministries agreed to choose a global consultant office to prepare a study that would include setting up a joint mechanism and draft agreements to develop and optimize the joint fields in a manner that guarantees the sovereign rights and economic interests of both parties.
The two countries have previously negotiated the sharing of border fields since 2010, and last March Kuwait announced the formation of a committee between the two countries to develop the best model for the regulation of fields between the two countries. The committee included technicians from the Kuwaiti side from the Ministry of Oil and Kuwait Oil Company.
According to the monthly report of OPEC, Kuwait produces about 2.7 million barrels per day during July, while Iraq produced 4.5 million barrels per day in the same month.