KUFPEC, EGAS sign exploration, production deal

Kuwait Foreign Petroleum Exploration Company (KUFPEC) signed on Tuesday an exploration and production agreement with the Egyptian Natural Gas Holding Company (EGAS), in Ras Knayes marine, offshore Egypt in the Mediterranean Sea.

In a statement to KUNA, KUFPEC said that its share in the agreement amounted to 25 percent, as it comes in partnership with Total (the operator) at 35 percent, (Shell) 30 percent, and the Egyptian National Oil Company 10 percent.

The block covers an area of 4,550 sq. km, extending from five to 150 km from the shore, with water depths ranging from 50 to 3,200 meters, the Herodotus Basin is a frontier basin, and the agreement commitments include a 3D seismic campaign during the first three years, it added.

It also pointed out that the agreement came as part of the company’s exploration growth strategy and this Block builds on KUFPEC’s recent success and announcement of achieving first oil discovery from well GNN-4 in the Gulf of Suez Geisum and West Tawila Concession on 18 June 2020.

The statement quoted KUFPEC Acting CEO Sheikh Nawaf Saud Al-Sabah as saying that entering this sector reflects the company’s desire and commitment to participate in exploration activities to enhance its current position as well as its investments in Egypt.

KUFPEC is an international upstream company engaged in Exploration, Development and Production of crude oil and natural gas outside of Kuwait and is a wholly owned subsidiary of Kuwait Petroleum Corporation.

Source: Kuwait News Agency