Kuwait Energy Company, an independent oil and gas company with assets across MENA region, signed Sunday a partnership agreement for oil research, exploration and production in Iraq with the Egyptian General Petroleum Corporation (EGPC).
The agreement was signed by EGPC CEO Tarek Al Molla, Kuwait Energy Chairman Dr. Mansour Bu Khamseen, and attended by Egyptian Minister of Petroleum and Mineral Resources Sharif Ismail and Kuwait's Ambassador to Egypt Salem Al-Zamanan.
The agreement states that EGPC becomes a partner with UAE's Dragon Oil Holdings Ltd. and Kuwait Energy, in the Block IX license, where Kuwait Energy is the operator, with a 10 percent participating interest in Block IX, Iraq license.
Block IX field is located in the Basra Governorate, in Southern Iraq.
On this occasion, Al-Molla stated that they "are pleased to announce EGPC's first international investment.
The merit of this investment is its contribution to building an economic relationship between Iraq and Egypt.
Block IX has huge potentials of oil reserves and resources, which add significant value for Egypt.
This partnership with Kuwait Energy comes as the fruit of the Strategic Alignment Agreement signed in 2011," Al-Molla added.
Minister Sharif Ismail commented "the partnership between EGPC and Kuwait Energy is a successful example of the public sector and the private sector coming together, each sector bringing in its share of knowledge, skills and strengths for the interest of the country." For his part, Aboukhamseen stated that "Kuwait Energy has always believed and continues to believe that the oil and gas business is a solid bridge for developing and strengthening ties between nations.
This agreement exemplifies fruitful cross-Arab cooperation, bringing together Egypt, Iraq and Kuwait for one common goal, the economic and social development of the region," Bu Khamseen added.
The Exploration, Development and Production Service Contract ("EDPSC") pertaining to Block IX was signed in January 2013 after the award in 2012.
Source: KUNA