Name: Kuwait Energy (KEC)
Based in: Kuwait
Kuwait Energy is an independent oil and gas company actively engaged in the exploration, appraisal, development and production of hydrocarbons, established in 2005.
With a main office in Kuwait, Kuwait Energy has area offices in Cairo, Sana'a, Baghdad and Basra.
In March 2019, Kuwait Energy was taken over by Gold Cheers Corporation Limited, a wholly-owned subsidiary of United Energy Group Limited (UEG).
Fields in Iraq: Siba, Block 9, (formerly also Mansuriya)
From the company's website:
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% revenue interest. Simultaneously, a 20 year Gas Development and Production Service Contract was signed for the Mansuriya field with a 22.5% revenue interest.
In 2012, Kuwait Energy was awarded the Block-9 exploration license in southern Iraq as operators with a 70% revenue interest, and an Exploration, Development & Production Service Contract (EDPSC) pertaining to the block was signed in January 2013. First exploration well in Block 9 was spud in March 2014 which led to Kuwait Energy's first oil discovery in September in the same year.
Our assets are close to existing infrastructure, and are governed by licenses with the highest remuneration rates in Iraq. We enjoy a position of currently being one of the few regional independent oil and gas companies to be present in southern Iraq, in our Siba and Block 9 assets.
Iraq accounts for 635.0 mmboe, or 94% of our 2P working interest reserves as at 31 December 2014.
For latest news on this company's activities in Iraq please click here.
A full list of International Oil Companies (IOCs) operating in Iraq under licences granted by the Ministry of Oil in Baghdad can be found here.