Kuwait Energy Awarded EGPC 10% Interest in Block 9

Source: www.gulfoilandgas.com 10/2/2015, Location: Middle East

Kuwait Energy, an independent oil and gas company with assets across the MENA region is pleased to announce the completion of the assignment of 10% participating interest in Block 9, to Egyptian General Petroleum Corporation (“EGPC”), which has been signed in Baghdad on the 30th of September, 2015.

The signature ceremony was attended by
Mr. Basim Abdulkarim Naser the Manager of Operation for Iraq’s South Oil Company, Mr. Abdul Jaleel Al-Khalifa the CEO of Dragon Oil , Dr. Ahmed Abdel Fattah, the Deputy CEO for Exploration for the Egyptian General Petroleum Corporation, Ms. Sara Akbar, the CEO of Kuwait Energy and Mr. Mohammed Aboush, the Deputy CEO of Kuwait Energy.

With this agreement, EGPC has become a partner with Dragon Oil Holdings Limited and Kuwait Energy, in the Block 9 license, where Kuwait Energy is the operator.

Kuwait Energy now has a (60%) share in the Block, while Dragon Oil maintains its (30%) and the EGPC has (10%).

Kuwait Energy CEO, Ms. Sara Akbar stated: “Kuwait Energy strongly believes that the oil and gas business is a solid and sound bridge for developing and strengthening ties between nations. With this agreement we have demonstrated our belief and have become the catalyst in cross-regional economic ties for the sake of bringing prosperity to the MENA region".

Kuwait Energy deputy CEO, Mr. Mohammed Aboush elaborated “We will start the production from Faihaa 1 well in early October. The expected production will be in the order of 5,000 Barrels of Oil Equivalent per day”.

The Exploration, Development & Production Service Contract (“EDPSC”) pertaining to Block 9 was signed in January 2013 after the award in 2012. The first discovery was made in September 2014 in the Mishrif formation resulting in a flow rate of circa 2,000 BOPD on 32/64 inch choke, and the second discovery followed shortly in December 2014 in the Yamama formation resulting in oil flow rates of circa 8,000 BOPD on 64/64 inch choke.

For more information about related Opportunities and Key Players visit Iraq Oil and Gas Projects


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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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