Saudi Aramco Gulf Operating Company and Kuwait Gulf Oil Company signed a memorandum of understanding to develop the joint Dula gas field, which is expected to produce about 1 billion cubic feet of natural gas and 84000 barrels of liquefied gas per day.

In a press statement, the Acting CEO of KGOC Khaled Al Otaibi said that the memorandum of understanding was intended to reassess and complete the engineering study of the site project and form a technical team to implement the plan. Badr Al Mulla, Deputy Prime Minister and Minister of Oil of Kuwait, and Prince Abdulaziz bin Salman, Minister of Energy of Saudi Arabia attended the signing ceremony.

Al Otaibi said that the signing of the memorandum of understanding is considered to be the implementation of the agreement on the development of Al Durra underwater oilfield signed by the Saudi Arabian and Kuwaiti governments on December 24, 2019.

Saudi Aramco Gulf Operations Company, a 100% subsidiary of Saudi Aramco, the Saudi National Petroleum Company, began operations on February 28, 2000. The company operates as an independent entity, has its own board of directors, and is responsible to Saudi Aramco as a shareholder. On December 10, a report released by the General Administration of Statistics showed that the increase in oil activities is driving Saudi Arabia's economic growth.

According to the report, compared with the same period in 2023, Saudi Arabia's real GDP in the third quarter of 2022 grew by 8.8%, while compared with the second quarter of 2022, its GDP grew by 2.1%. Meanwhile, on December 9, Saudi Aramco signed a memorandum of understanding to supply crude oil to Shandong Province, China. The MOU was signed with Shandong Energy Group, including potential crude oil supply agreement and chemical off purchase agreement, to support Saudi Aramco's role in building a prosperous downstream industry in Shandong Province.Editor/Xing Wentao