Kuwait, Iraq Close to Deal on Shared Oilfields

Iraq and Kuwait are expected to reach an agreement soon setting guidelines for investing in oilfields which cross their desert border, The Kuwaiti Al Jarida daily reported on Monday, according to Reuters

When Iraq invaded its Gulf Arab neighbour 20 years ago, Iraq accused Kuwait of stealing billions of dollars worth of oil from these fields through horizontal drilling. Kuwait denied the charge.

The Al Jarida daily said in an unsourced report that a committee from the two countries met on Sunday in Kuwait to discuss the matter, and that an agreement was imminent.

The newspaper said Kuwait and Iraq will assign a “third party” it did not name to determine the size of these fields and each country’s share in them.

(Source: Reuters)

(Photo: Kuwait National Petroleum Company (KNPC) HQ. Credit: ‘radiant guy’)

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