Talks between Kuwait and Iraq are in full swing with regard to the joint oil fields between the two countries, in order to reach the final form of the mechanism of joint exploitation of oil fields joint, according to a Kuwaiti newspaper.
The sources said the Kuwaiti newspaper “Al-Jarida” that the study will be the establishment of a joint company from both sides to supervise production and distribute quotas according to ratios, which will be decided by the joint company.
According to the sources, talks on this matter have come a long way, and are almost in the final stages, leaving only a specific road map to start joint production.
The sources pointed out that the volume of production from these joint fields falls within the strategy of Kuwait to increase production to 4 million barrels per day by 2020.
The joint fields between the two countries in the Rumaila field on the Iraqi side represent the bulk of the production while remaining on the Kuwaiti border field Rtqa, which represents one third of the joint production.
The two countries are seeking to select a global oil company to explore the fields of joint interest of the two countries in addition to identifying the oil and gas fields and the share of each party.