Energy announced the official approval for a 25 per cent farm-out agreement in its Egypt Abu Sennan concession to GlobalConnect.
Sara Akbar, CEO of Kuwait Energy said the company is confident the partnership with GlobalConnect will further enhance exploration activities in Egypt, according to a statement on Kuwait’s state web site. The announcement did not reveal the value of the deal.
Kuwait Energy now holds a 25 per cent revenue interest and remains the operator of the concession.
Dover Investment and Rockhopper Exploration hold the remaining 28 and 22 per cent respectively. The latter announced the start of drilling at Abu Sennan in April this year.
Sherif Foda, founder and chairman of GlobalConnect said in a separate statement: “We are both proud and honored to play an active role in the relaunch initiative of the Egypt Oil & Gas industry led by the ministry. This endeavor will enable us to further invest into the fast-growing economy of Egypt.”
“We anticipate working with all our partners; Dover and Rockhopper, alongside Kuwait Energy, who has exhibited an outstanding performance as operator of the Abu Sennan concession.
Sara Akbar said: “We look forward to a mutual long- term collaboration with GlobalConnect operationally focused to create optimal value for Egypt and all our partners.” “Our continued success in Egypt could not have been achieved without the exceptional support from our team and our unique partnership with the Egyptian General Petroleum Corporation (EGPC) and the Egyptian Government.” The international oil and gas exploration company, Kuwait Energy’s MENA portfolio consists of 10 oil and gas assets across Egypt, Iraq, Yemen, and Oman of which it operates seven assets.