Egypt Signs Deal to Develop Iraqi Fields

Egypt Signs Deal to Develop Iraqi Fields

Egypt’s state oil company signed an agreement to join Kuwait Energy in developing an oil field in southern Iraq, the company’s first foray into upstream work outside of Egypt, the Egyptian oil minister said on Sunday.
“This is a formal contract, not a memorandum of understanding, and our share is 10 percent of the share of the contractor (Kuwait Energy),” Oil Minister Sherif Ismail said at an investment conference in the resort town of Sharm el-Sheikh.
“This is the first time for Egyptian companies to get into research and exploration beyond the borders of Egypt,” Ismail said of the deal between the Egypt General Petroleum Corporation (EGPC) and Kuwait Energy, Reuters wrote.
Kuwait Energy and its partner in the project Dragon Oil discovered oil in the northern Basra field in September.
The field is located in Basra in exploration block 9, Kuwait Energy executive chairman and managing director Mansour Aboukhamseen said. A joint statement said that with this deal EGPC became a partner with Dragon Oil and Kuwait Energy in the Block 9 license in which Kuwait Energy is the operator. No details were given about the value of EGPC’s investments in the field or what its role would be alongside the two other shareholders.


Short URL : http://goo.gl/a2Ayby

You can also read ...

US Expected to Conquer European Oil Market
US crude oil and condensate exports to Europe are expected to...
Aramco IPO Delay Likely
The much-anticipated international listing of Saudi Aramco—the...
Electric Buses Reduce Fuel Consumption, Air Pollution
Electric buses were seen as a joke at an industry conference...
Brent, WTI Prices Hit Highest Since 2014
Brent crude oil rose for a sixth day on Tuesday to hit its...
Petrochemical sector is Iran’s second most valuable industry after oil and gas.
In line with the government's drive to increase the share of...