Kuwait Completes Acquisition of 2 Oilfields in Russia

Source: www.gulfoilandgas.com 1/17/2011, Location: Asia

Kuwait Energy Company KSCC (“Kuwait Energy” or “the Company”), one of the fastest growing independent oil and gas exploration and production companies in the Middle East, announced that it has completed the acquisition of Pechora Energy Company LLC and OJSC VIK, which own the two Russian oil fields, Luzskoye and Chikshina, from Concorde Oil and Gas Limited.

Kuwait Energy entered into this transaction in December 2009. Prior to the transaction, Kuwait Energy had a 36.56% working interest in the Luzskoye and Chikshina oil fields through its 36.56% ownership of Concorde Oil & Gas Limited. With the completion of the transaction, Kuwait Energy has a 100% working interest as well as operatorship of the two oil fields.

The Luzskoye oil field is located in the Timan-Pechora Basin, west of the Ural Mountains, and has a daily production rate of over 500 barrels of oil equivalent (boe). The Chikshina oil field is located 25 km east of Luzskoye and is currently being developed.

Kuwait Energy CEO and Deputy Chairman, Sara Akbar said: “This is Kuwait Energy’s first operatorship in Russia. As we continue to develop the two fields, having full ownership over these assets enables us to add value and optimize our operations over the long term.”

In addition to its Russian assets, Kuwait Energy’s portfolio includes 41 other oil and gas producing and exploration assets in: Egypt, Iraq, Yemen, Oman, Ukraine, Latvia and Pakistan. The Company operates 15 of its total 43 assets.


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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