BAGHDAD: Kuwait Energy and Egyptian General Petroleum Corporation (EGPC), the national oil company of Egypt, have signed an agreement on a 10 percent participating interest in the Block 9 license.
Block 9 field is located in the Basra Governorate, in Southern Iraq. The signing ceremony was witnessed by H.E Eng. Sherif Ismail, Minister of Petroleum and Mineral Resources of the Arab Republic of Egypt, and H.E Kuwait’s Ambassador to Egypt, Mr. Salem Al-Zamanan.
With this agreement, EGPC has become a partner with Dragon Oil Holdings Limited and Kuwait Energy, in the Block 9 license, where Kuwait Energy is the operator.
Eng. Tarek El Molla, EGPC CEO stated that “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.”
H.E Eng. Sherif Ismail commented that “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.”
