Kuwait Energy, an independent oil and gas company, and Egyptian General Petroleum Corporation (EGPC) jointly announced Sunday signing an agreement whereby EGPC has farmed out a 10% participating interest in Block 9, Iraq license.
Block 9 field is located in the southern Basra province.
The signing ceremony was witnessed by Engineer Sherif Ismail, the Egyptian Minister of Petroleum, and Kuwait’s Ambassador to Egypt Salem al Zamanan.
EGPC has become a partner with Dragon Oil Holdings Limited and Kuwait Energy in the Block 9 license where Kuwait Energy is the operator.
On this occasion, Engineer 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.”
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 Manssour Aboukhamseen 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.”