Oil and Gas Found in Shared Zone - Kuwaiti Oil Executive

A Kuwaiti oil executive confirmed two commercial oil and gas discoveries in the jointly operated area between Kuwait and Saudi Arabia, Zawya Dow Jones reported Monday.

According to the chairman of state-run Kuwait Gulf Oil Co, as quoted by the An Nahar daily media outlet, the oil and gas finds are of good quality and will be developed with the company's Saudi partner. The two discoveries are situated on the Hout and Lulu fields within the shared zone.

KGOC chairman Bader Al Khashti also noted that an economic feasibility study related to the two discoveries is currently in progress.