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Kuwait Energy starts Producing Gas at Siba

By John Lee.

Kuwait Energy has started producing natural gas from the Siba field, south of Basra, on Wednesday.

Oil Minister Jabar Ali al-Luaibi [Allibi, Luiebi] (pictured) announced an inital production rate of 25 million cubic feet a day (mcf/d), increasing to 100 mcf/d by the end of the year.

Kuwait Energy was awarded a 20 year Gas Development and Production Service Contract (GDPSC) for the Siba field in June 2011, granting the company operatorship and 45 percent revenue interest, but it farmed out a 20 percent stake to the Egyptian General Petroleum Corporation (EGPC) in October 2016.

(Source: Ministry of Oil)

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Egyptian Petroleum Minister, Tareq al-Mulla

Egypt Approves Deal to Import Oil from Iraq

The Egyptian Petroleum Minister, Tareq al-Mulla (pictured) has stated that the Egyptian cabinet, during its meeting on 10 April under Prime Minister Sherif Ismail, approved buying oil from Iraq and clinching a deal to import about million barrels monthly, with a total of 12 million barrels annually.

Mulla added that the first oil shipment is envisaged to arrive by early May. The container ship can accommodate up to million barrels, Mulla said, noting that this is the first cooperation with Iraq in the field of direct importation of crude oil.

He added that the contract will be shortly inked by the Egyptian General Petroleum Corporation (EGPC) and Iraq Petroleum Company (IPC).

He further said that talks on importing the Iraqi oil started last October during his visit to Iraq.

(Source: GardaWorld)

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Sara Akbar, CEO of Kuwait Energy

Faihaa-3 commences Oil Production

Kuwait Energy has announced the commencement of oil production from the Faihaa-3 well located in the Block 9 concession situated in the Basra Governorate.

The Faihaa-3 well started commercial production on 12 February 2017 at 40/64 inch choke size and has stabilized at a gross daily rate of 5,200 barrels of oil per day (bopd).

The well was spudded on 31 August 2016 and was completed on 11 February 2017. Currently, Kuwait Energy’s Working Interest (WI) production in Block 9 stands at approximately 10,000 bopd.

Kuwait Energy holds a 60% interest and is the operator of the Block 9 concession, while Dragon Oil holds 30% and the Egyptian General Petroleum Corporation holds 10%. The Faihaa-3 well is located in the Block 9 concession and is producing from the Yamama formation.

Sara Akbar (pictured), Chief Executive Officer of Kuwait Energy, said:

“Today’s announcement demonstrates the continued success of our Block-9 asset in Iraq.  The production rate achieved from the Faihaa-3 well marks another execution milestone in Kuwait Energy’s capabilities and further adds value to this significant asset.

“Our continued success in Block 9 could not have been achieved without the unparalleled support from our team, the Iraqi Ministry of Oil, South Oil Company and our partners on the ground in Basra.”

(Source: Kuwait Energy)

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Egypt’s EGPC gets 20% of Siba Oilfield

By John Lee.

Kuwait Energy (KEC) has reportedly signed a farm-out agreement giving Egypt General Petroleum Corporation (EGPC) a 20 percent participating interest for Iraq’s Siba oilfield.

According to Reuters, the agreement is subject to Iraqi regulatory approval.

Kuwait Energy has not published any information about the deal on its website.

The two companies are already partners in the Block 9 concession.

(Source: Reuters)

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Sara Akbar, CEO of Kuwait Energy

Production Commences at Faihaa-2 well in Block 9

By John Lee.

Kuwait Energy has announced the commencement of production from the Faihaa-2 well in the Block 9 concession. in Basra Governorate.

The Faihaa 2 well was spudded on 3 January 2016, with production testing commencing on 23 September 2016 at 52/64 inch choke size at an initial rate of 9,583 barrels of oil per day (bopd) from the Yamama-A formation.

On 1 October 2016, the well started commercial production at 36/64 inch choke size and has stabilized at rate at of 5,600 bopd.

Sara Akbar (pictured), CEO of Kuwait Energy, said:

We are proud to announce we have begun production from the Faihaa-2 well in Block 9, Iraq. This accomplishment demonstrates Kuwait Energy’s expertise, skills and our ability to execute these projects efficiently and successfully.

“Our strong partnerships with the Iraqi Ministry of Oil, South Oil Company (SOC) and our partners was critical in achieving this milestone.”

Kuwait Energy holds a 60% revenue interest and is the operator of the Block 9 concession, while Dragon Oil holds 30% and the Egyptian General Petroleum Corporation (EGPC) holds 10%.

(Source: Kuwait Energy)

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Sara Akbar, CEO of Kuwait Energy

Kuwait Energy signs Export Agreement for Block 9

By John Lee.

Kuwait Energy has announced the signing of an Export Oil Sales Agreement for its Block 9 project in Iraq.

The agreement, signed between a consortium led by Kuwait Energy plc and Iraq’s State Oil Marketing Organization (SOMO) puts in place the mechanism by which Kuwait Energy will be paid for services in Block 9.

The signing ceremony took place in SOMO’s Baghdad Headquarters and was attended by Majid Al-Hilfi representing SOMO, Sara Akbar, CEO, Kuwait Energy, Ibrahim Fathy, Assistant Deputy CEO for Development and Reservoir Production Dept., Egyptian General Petroleum Corporation (EGPC) and Asri Mousa, representing Dragon Oil Holdings Ltd.

The Agreement with SOMO will enable allocation of crude cargoes to be sold in compensation for the services the consortium is rendering in Block-9. Kuwait Energy is expected to be allocated its first cargo of oil entitlement for Kuwait Energy’s working interest share from Faihaa-1 well covering the production of oil from October 2015 – March 2016.

Sara Akbar said:

“Today marks an important milestone in Kuwait Energy’s history and its Iraq operBlock dations in particular, as this Agreement will facilitate receiving revenue from our Iraq operations after 5 years of Kuwait Energy’s work and investment in Iraq.

“It wouldn’t have been possible if it wasn’t for the excellent relationship and cooperation between the Consortium, Iraq’s Ministry of Oil and the South Oil Company, which maintained focus and discipline allowing production startup from this important asset in one year from the discovery”.

In 2013, Kuwait Energy was awarded the Block 9 Exploration, Development & Production Service Contract (EDPSC) in southern Iraq as operator and currently holds a 60% participating interest.

First exploration well in Block 9 was spud in March 2014 which led to significant oil discoveries in September and December of the same year. Oil production commenced from the Block in October 2015, only a year after the first discovery was made.

(Source: Kuwait Energy)

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Sara Akbar, CEO, Kuwait Energy

Block 9 Reaches Production in Record Time

Kuwait Energy has announced that the consortium comprising of Kuwait Energy (60%) as the operator, Dragon Oil (30%) and the Egyptian General Petroleum Corporation (10%) has commenced oil production from Faihaa-1 well in Block 9, Iraq.

The Faihaa-1 well is located in Block 9 field, which is situated in the hub of Iraq’s oil industry in the Basra Governorate, in Southern Iraq.

Production has begun from the Faihaa-1 well in the order of 5,000 bpd on 32/64 inch choke.

Sara Akbar (pictured), CEO of Kuwait Energy, said:

We are proud to have begun production in record time after making the discovery last December, which demonstrates the feasibility of executing such a fast track project in world record time in South Iraq.

“This would not have been possible without the cooperation and full support of the Iraq Ministry of Oil, the South Oil Company, the Block 9 Joint Management Committee (“JMC”) Chairman and its members, the support of our partners, Dragon Oil and the Egyptian General Petroleum Corporation, and the diligent and determined Kuwait Energy team in Basra and Kuwait.”

(Source: Kuwait Energy)

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Egypt Finalises Farm-in at Block 9

By John Lee.

Egypt has finalised a farm-in at Iraq’s Block 9 area in Basra province on Wednesday.

Under the agreement, Kuwait Energy (KEC) will give up 10 percent of the concession, leaving it with a 60 percent share.

According to a report from Reuters, this is the first time that the state-owned Egyptian General Petroleum Corporation (EGPC) will search for oil outside its own borders.

Production at the first well in the block, Fayhaa 1, is expected to begin in October at 5,000 barrels per day (bpd), increasing to 150,000 bpd by 2020-21.

Block 9 was originally granted to KEC (40%), Türkiye Petrolleri Anonim Ortaklığı (TPAO, Turkish Petroleum) (30%), and Dragon Oil (30%), but the Iraqi government expelled TPOA, following which KEC took over the TPOA share.

(Source: Iraqi Ministry of Oil, Reuters)

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Egypt’s Petrojet wins $185m Gas Contract

By John Lee.

Petrojet has been awarded a $185-million (216-billion-Iraqi-dinar) contract to build the first gas-processing plant for Iraq’s Siba field.

The Egyptian state-owned company will handle all the gas-processing plant’s related works including engineering, procurement, and construction (EPC).

The project aims to increase the field’s production to 110 million cubic feet per day within 18 months.

Petrojet is wholly owned by the Egyptian General Petroleum Corporation (EGPC).

Siba field is operated by Kuwait Energy.

(Source: Vanguard News)

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Kuwait Energy, EGPC Partner on Block 9

By John Lee.

Kuwait Energy and Egyptian General Petroleum Corporation (EGPC), the national oil company of Egypt, have jointly announced the signing of an agreement whereby EGPC has farmed in a 10 percent participating interest in the Block 9 license.

The Block 9 field is located in the Basra Governorate, in Southern Iraq. The signing ceremony was witnessed by H.E Eng. Sherif Ismail, Minister of Petroleum and Mineral Resources of the Arab Republic of Egypt, and H.E Kuwait’s Ambassador to Egypt, Mr. Salem Al-Zamanan.

With this agreement, EGPC has become a partner with Dragon Oil Holdings Limited and Kuwait Energy, in the Block 9 license, where Kuwait Energy is the operator.

Eng. Tarek El Molla, EGPC CEO stated:

“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.”

H.E Eng. Sherif Ismail commented:

“The partnership between EGPC and Kuwait Energy is 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 Dr. Manssour Aboukhamseen (pictured) stated:

“Kuwait Energy has always believed and continues to believe that the oil and gas business is a solid bridge for developing and strengthening ties between nations. 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.”

H.E Eng. Sherif Ismail added:

“With this agreement, we have extended the solid Egyptian-Kuwaiti partnership and bilateral cooperation into the region, for the benefit of the region and its people.”

The Exploration, Development & Production Service Contract (“EDPSC”) pertaining to Block 9 was signed in January 2013 after the award in 2012.

The first discovery was made in September 2014 in the Mishrif formation resulting in a flow rate of circa 2,000 BOPD 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 BOPD on 64/64 inch choke.

(Source: Kuwait Energy)

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