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Tuesday, March 17, 2015
Kuwait Energy and EGPC will join forces to explore on a block in Iraq. The two firms signed an agreement that has EGPC farming in on Iraq’s Block 9 with a 10% interest. Block 9 is located in the Basra Governorate, in southern Iraq.
With this agreement the Egyptian state-run firm marks its first international venture, partnering with Dragon Oil Holdings and Kuwait Energy on the block. Kuwait Energy is the operator.
Tarek El Molla, EGPC CEO stated: “We 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 9 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.”
Egypt’s Petroleum Minister Sherif 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.”
Kuwait Energy Chairman Dr. ManssourAboukhamseen stated: “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.”
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