The assets being sold include stakes in three fields in Egypt and five fields in Yemen. The transaction is expected to be completed by the middle of 2008.

Oil Search will keep an interest in some developments in the region, including two blocks in Yemen, offshore Area 18 in Libya, the Tajerouine and Le Kef permits in Tunisia, and its Bina Bawi concession in Kurdistan.

The Kuwaiti company signed a letter of intent in October 2007 with the Abu Dhabi National Energy Company (Taqa) to look at opportunities in the oil and gas sector in Egypt, Oman, Yemen, Syria, Iraq, Kazakhstan and Iran.