Egypt Signs Deal to Help Develop Iraqi Fields

Eng. Sherif Ismail, Minister of Petroleum and Mineral Resources of the Arab Republic of Egypt, and H.E Dr. Ali Al-Omair, Minister of Oil Kuwait , witnessed the signing of an agreement on 15th March 2015, where the Egyptian General Petroleum Corporation, EGPC is farming in by 10% participating interest in Block 9 Iraq license with Kuwait Energy & Dragon Oil Holdings . Block 9 field is located in the Basra Governorate, in Southern Iraq.

The agreement was signed by Eng. Tarek El Molla, EGPC CEO & Kuwait Energy Chairman Dr. Manssour Aboukhamseen.

On this occasion, Eng. Sherif Ismail confirmed that the partnership between EGPC and Kuwait Energy is a successful example of cooperation in the Egyptian Petroleum History that paves the way to the petroleum sector to work in the field of exploration abroad , bringing in its share of knowledge, skills and strengths for the interest of the country.

Eng. 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 Egypt, Kuwait & Iraq. In addition, the Block has huge potentials of oil reserves and resources, which add significant value for Egypt. H.E Dr. Ali Al-Omair added: With this agreement, we have extended the solid Egyptian-Kuwaiti partnership and bilateral cooperation into the region, for the benefit of the region and its people.

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, and Kuwait for one common goal that is the economic and social development of the region.

It is worth mentioning that, the first discovery in Block 9 was made in September 2014 resulting in a flow rate of circa 2,000 BOPD, and the second discovery followed shortly in December 2014 resulting in oil flow rates of circa 8,000 BOPD.

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