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Chevron to expand work in Saudi-Kuwaiti neutral zone

Bloomberg News

Saudi Arabia, the world's largest oil supplier, extended operations by Chevron Corp. in three onshore oilfields straddling the kingdom's border with Kuwait, the Saudi Press Agency reported, citing a government statement.

The Saudi cabinet approved ''an extension and amendment of the agreement'' of Chevron's operations in the Saudi-Kuwait Divided Zone, the state-owned news agency reported.

The Divided Zone, also known as the Neutral Zone, contains 5 billion barrels of proven oil reserves, shared between the two countries, and produced 600,000 barrels a day in 2007, according to information on the Web site of the U.S. Energy Information Administration.

Chevron operates the Wafra, Humma, and South Umm Gudair oilfields in the zone under a 60-year license, according to EIA. These fields contain 2 billion barrels of proven reserves and total production of about 260,000 barrels a day of Arab Heavy oil.

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