Latest News
- Kuwait-Jordan Durra Field Joint Statement Rejected By Iran
- GTD Cracks Down On Vehicle Noise Pollution In Sulaibiya
- Mystery Of Dead Fish At Shuwaikh Beach Sparks Urgent Action
- MEW To Complete Links With The Interior And Justice Ministries B...
- 8 Expats Jailed For Bribing An Officer To Obtain Driver's Licens...
- Weekend Weather Is Expected To Be Hot
- From Tomorrow, Traffic Diversion On Third Ring Road
- Ministry Of Health Refute Rumors On Non-availability Of Antibiot...
- Amir Of Kuwait And Jordan King Renew Commitment To Regional Secu...
- 37 Arrested With Narcotics And Firearms
- Outrage Over Candidate's Arrest
- Six Stores Shut Down In Jahra For Selling Fake Goods
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.
Â
SOURCE : TIMES KUWAIT
Trending News
-
Kuwait Implements Home Biometrics Services Ahead O...
14 April 2024
-
Kuwait Airways Provides Update On Flight Schedule...
14 April 2024
-
Kuwait Airways Introduces Convenient Home Luggage...
15 April 2024
-
Expat Residency Law Amended By Kuwait Ministerial...
20 April 2024
-
Two Expats Are Arrested For Stealing From Salmiya...
17 April 2024
-
Kuwait Airways Resumes Flights To Beirut And Oman...
15 April 2024
-
Temperature Increases Cause Electricity Load Index...
21 April 2024
-
Thief Returns Stolen Money With An Apology Letter...
15 April 2024
-
3 Expats Caught In Salmiya With 213 Bottles Of Loc...
23 April 2024
-
Ministry Of Interior Denies Social Media Rumors Re...
13 April 2024
Comments Post Comment