Kuwaiti (KUFPEC) signs an exploration and production agreement with the Egyptian Natural Gas Holding Company.
05-01-2021
The Kuwait Foreign Petroleum Exploration Company (KUFPEC) has announced, the signing of an exploration and production agreement with the Egyptian Natural Gas Holding Company at the (Rasknays) marine sector, which is located in the Herodotus Basin in the Mediterranean Sea. The (KUFPEC) stated to the Kuwait News Agency (KUNA) on Tuesday, shared this agreement that amounted to 25 percent, also it was a partnership with 35 percent of the (Total operater), (Shell) of 30 percent and 10 percent of the Egyptian National Oil Company. It was clear, that the sector has extended over a vast about 4.550 square kilometers, far away from shore about 5-15 km ranges of water between 50 and 3,200 meters in depth. Also, noting the commit of work in this sector includes a 3D seismic surveys, during the first three years that were implemented. Although, this agreement comes within the KUFPEC’s strategy framework, to enhance activities and the culmination of the recent exploratory success has achieved by the company in the GNN4 well, exploration in the Gulf of Suez and West Tawila concession last June. A statement was quoted by the CEO of (KUFPEC), Shiekh Nawaf Saud Al-Nassar Al-Sabah said that, to enter this sector expresses the company’s commitment is to participate in exploring the activities, to enhance the current position as well as in the Arab Republic of Egypt Investments. Sheikh Nawaf Al-Saud has confirmed, the KUFPEC’s entry accompanies this sector with its strategy by adding more to the Kuwait Petroleum Exploration Company (KUFPEC), is one of the affiliated companies of Kuwait Petroleum Corporation. As it conducts the production and exploration of oil and gas outside of Kuwait
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