Iraq and Kuwait sign a joint memorandum of understanding

Spokesman for Kuwait Petroleum Corporation Sheikh Talal Al-Khaled Al-Sabah said on Monday that his country has signed a memorandum of understanding with Iraq to exploit joint oil fields.

The two sides met to discuss how to develop bilateral cooperation with regard to oil and natural gas in Kuwait on Sunday and Monday. The Kuwaiti side was headed by Acting Undersecretary of the Ministry of Oil Ali Sabt and the Iraqi side was headed by Iraqi Oil Ministry Undersecretary Fayyad Neama.

Al-Sabah said in a press release that the main objective behind the memorandum of understanding is to facilitate negotiations and put in place a framework for cooperation between the two sides.

Iraq has 24 oil fields which are shared with Iran, Kuwait and Syria, including 15 utilized oil fields as well as unexploited fields. The most prominent oil fields shared between Iraq and its neighbours include Safwan, Romaila, and Zubair, which are shared with Kuwait in the south; and Majnoun, Abu Gharb, Barzakan, Fakkeh and Naft Khanah, which are shared with Iran in the north.

Al-Sabah praised the Iraqi side for being cooperative during the negotiations, noting that both sides agree on the importance of strengthening bilateral cooperation and achieving mutual interests.

Kuwait currently produces 2.9 million barrels per day and it seeks to increase its production to 4 million barrels per day by 2020.

Iraq possesses around 132 trillion cubic feet of natural gas reserves and 150 billion barrels of oil reserves.