In a joint statement, which was posted on Saudi Arabia’s energy ministry website and Kuwait’s official oil ministry X account, the governments of Saudi Arabia and Kuwait announced a new oil discovery “in the Partitioned Zone”.
The statement said the governments “announced that Wafra Joint Operations have made a new oil discovery in (North Wafra Wara-Burgan) field, located five kilometers north of Wafra field”.
“Crude oil flowed from the Wara reservoir in the North Wafra (Wara-Burgan-1) well at a rate exceeding 500 barrels per day, with an API gravity of 26 to 27 degrees,” the statement added.
The joint statement noted that this marks the first discovery since the resumption of production operations in the Partitioned Zone and its adjacent offshore area in mid-2020.
“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,” the statement went on to note.
A statement posted on the Saudi energy ministry’s site last month said the Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz announced that Saudi Aramco has discovered fourteen Arabian oil and natural gas fields and reservoirs in the Eastern Province and the Empty Quarter.
The discoveries include six fields and two reservoirs of Arabian oil, as well as two fields and four reservoirs of natural gas, that statement noted.
“His Royal Highness stressed on the importance of the added value that these discoveries represent, solidifying the Kingdom’s leading position in the global energy sector, and reinforcing its rich hydrocarbon potential, citing that such discoveries will lead to opening new horizons for the Kingdom’s economic development and strengthening its ability to meet both domestic and global energy demand efficiently and sustainably for decades to come,” the statement added.
“These discoveries will also support sustained economic growth and prosperity, in line with Vision 2030 and Saudi Arabia’s ambitious goals to fully harness its natural resources and enhance global energy security,” it went on to state.
Saudi Arabia and Kuwait are both founding countries of the Organization of the Petroleum Exporting Countries (OPEC), according to the organization’s website, which notes that the group was founded in Baghdad, Iraq, “with the signing of an agreement in September 1960 by five countries, namely Islamic Republic of Iran, Iraq, Kuwait, Saudi Arabia and Venezuela”.
The OPEC site states that the mission of the Organization of the Petroleum Exporting Countries is to “coordinate and unify the petroleum policies of its Member Countries and ensure the stabilization of oil markets in order to secure an efficient, economic, and regular supply of petroleum to consumers, a steady income to producers and a fair return on capital for those investing in the petroleum industry”.
A statement posted on OPEC’s site earlier this month noted that Saudi Arabia, Kuwait, Russia, Iraq, UAE, Kazakhstan, Algeria, and Oman “met virtually on May 3, 2025, to review global market conditions and outlook”.
“In view of the current healthy market fundamentals, as reflected in the low oil inventories, and in accordance with the decision agreed upon on 5 December 2024 to start a gradual and flexible return of the 2.2 million barrels per day voluntary adjustments starting from 1 April 2025, the eight participating countries will implement a production adjustment of 411,000 barrels per day in June 2025 from May 2025 required production level,” that statement said.
A release posted on OPEC’s website on April 3 announced that Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman “will implement a production adjustment of 411,000 barrels per day, equivalent to three monthly increments, in May 2025”.
The statement posted on OPEC’s site on May 3 revealed that the eight countries will meet on June 1 to decide on July production levels.
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