EGPC acquires 10 per cent interest in Iraqi block

oilwell iraqEgyptian General Petroleum Corporation (EGPC) has signed an agreement with Kuwait Energy to acquire a 10 per cent participating interest in Iraq’s onshore Block 9

The block is located in the Basra Governorate in southern Iraq where it is operated by Kuwait Energy.

EGPC CEO Tarek El Molla said, “We are pleased to announce EGPC’s first international investment. The merit of this investment is its contribution to building an economic relationship between Iraq and Egypt. Block 9 has huge potentials of oil reserves and resources, which add significant value for Egypt. This partnership with Kuwait Energy comes as the fruit of the Strategic Alignment Agreement signed in 2011.”

The exploration, development and production service contract (EDPSC) pertaining to Block 9 was signed in January 2013 and the first discovery was made in September 2014 in the Mishrif Formation resulting in a flow rate of circa 2,000 bpd on 32/64-inch choke, and the second discovery followed shortly in December 2014 in the Yamama Formation resulting in oil flow rates of circa 8,000 bpd on 64/64-inch choke.

According to Egypt’s Minister of Petroleum and Mineral Resources Sherif Ismail, the partnership between EGPC and Kuwait Energy was a successful example of the public sector and the private sector coming together, each sector bringing in its share of knowledge, skills and strengths for the interest of the country.

Kuwait Energy chairman Manssour Aboukhamseen added, “This agreement exemplifies fruitful cross-Arab cooperation, bringing together Egypt, Iraq and Kuwait for one common goal: the economic and social development of the region.”

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