Eng. Tarek El Molla, Minister of Petroleum and Mineral Resources announced that EGPC signed a final agreement for a partnership with Kuwait Energy for exploration of oil and natural gas in Iraq, for the first time in the Egyptian Petroleum industry history.
Under the agreement, Kuwait Energy conceded its 10% share in concession area No. 9 in Iraq’s southern province of Basra, which is considered one of the promising areas of crude oil industry, to The Egyptian General Petroleum Corporation (EGPC).
He pointed out that signing the final agreement took place in Iraq, in implementation of an accord reached during Egypt’s Economic Conference, held in March 2015, in Sharm El Sheikh.
On his part, the Minister of Petroleum highlighted the importance of the partnership agreement, which maximizes oil and gas production and reserves outside Egypt, opening new fields for Egyptian petroleum companies to work outside Egypt.
It is considered an important step to secure petroleum supplies outside Egypt in order to meet part of the domestic market needs, as well as to increase the value added and revenues for the benefit of the Egyptian economy as a result of the diversification of petroleum investment.
He pointed out that the partnership agreement represents a quantum leap of the Iraqi-Kuwaiti-Egyptian relations in the field of joint Arab action in the oil and gas field.
(Ministry of Petroleum Press Release)