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Saturday , October 24 2020

Kuwait Energy sells 25% of shares in Egyptian oil field

KUWAIT CITY, Oct 4, (KUNA): Kuwait Energy announced Wednesday the official approval on its Farm-Out Agreement (FOA) for 25 percent of its shares in the Abu Sennan concession in Egypt to GlobalConnect Ltd (GlobalConnect).

Kuwait Energy CEO Sara Akbar said, “We are very pleased to have the farm-out agreement finalized with GlobalConnect in our Abu Sennan concession and to welcome an esteemed peer to our group of partners.” She added that Kuwait Energy is confident this partnership with GlobalConnect will further enhance exploration activities in Egypt.

Kuwait Energy now holds a 25 percent revenue interest, and remains the operator of the Abu Sennan concession.

GlobalConnect can officially now assume its duties and responsibilities as a full partner in Abu Sennan Concession holding 25 percent participating interest alongside Dover Investment Ltd, Rockhopper Exploration plc who hold 28 percent, and 22 percent respectively.

Kuwait Energy is an independent oil and gas company actively engaged in the exploration, appraisal, development and production of hydrocarbons. Kuwait Energy’s MENA portfolio consists of 10 oil and gas assets across Egypt, Iraq, Yemen, and Oman of which it operates seven assets.

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