Kuwait Energy farms out 20 per cent of 20-year agreement on asset
Kuwait Energy has signed a farm-out agreement to give a share of its Siba gas field contract in Iraq to Egyptian General Petroleum Corporation (EGPC).
EGPC will take a 20 per cent stake in the 20-year gas development and production services contract for the Siba field, which started in 2011, according to a report by Reuters citing a Kuwait Energy statement.
The agreement is subject to approval from Iraqi authorities.
EGPC last year became a partner in the Block 9 concession, which is also operated by Kuwait Energy. The Kuwaiti group also has a 22.5 per cent stake in the Mansouriya concession in the Diyala Province.
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