Continental Focus, International Reach

EGPC Heading to Iraq

Wednesday, October 7, 2015

Egypt’s Minister of Petroleum, Tarek al-Mullah, revealed that the country’s state-run oil and gas firm EGPC will begin the hunt for oil outside its borders. EGPC will be joining Kuwait Energy on a concession in Iraq.

Kuwait Energy is giving up a 10% stake in a concession in Basra to EGPC. “The agreement opens up the space for the oil sector to find sources of oil outside Egypt for the first time, following the example of many other countries,” Mullah said in a statement.

“This is an important step for securing energy supplies from outside Egypt in order to partially meet the demands of the local market,” said Mullah.

With the agreement signed with Kuwait Energy, EGPC joins some of its counterparts in Africa who have ventured outside their borders for exploration.

 


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