Name: United Energy Group (UEG)
Based in: Hong Kong, China
Fields in Iraq: Siba, Block 9, Sindbad
From the company's website:
"United Energy Group Limited is a leading independent exploration and production (E&P) company listed on the Hong Kong Stock Exchange. The company's headquarter is located in Hong Kong and it has subsidiaries in China, Pakistan, Dubai, Iraq and Egypt.
"Within less than a decade, UEG has established itself as a reputed international energy company with business interests in multiple countries. UEG's annual production as at 31 December 2018 was over 5 million tons and the Company's Average Daily Net Production was 66,453 boed, which makes it one of the larger energy companies listed on the Hong Kong Stock Exchange.
"Kuwait Energy plc (KEC) is United Energy Group's (UEG) subsidiary. KE and its subsidiaries (KE Group) have oil and gas assets in the Middle East and North Africa (MENA) region."
"The Group holds a 60% participating interest in the Exploration Development and Production Service Contract ("EDPSC") of Block 9 in Iraq and is the Operator of this block. In 2019, the Group devoted more efforts to its production enhancement measures of Faihaa oil field, resulting in a steady increase in daily production. The Field Development Plan was submitted to Iraqi Government for approval, which will support Faihaa oil field to increase production in the coming four years. In 2019, the average daily gross production was approximately 16,364 boed, and the average daily working interest production was approximately 9,818 boed. The accumulated gross production and working interest production from 21 March 2019 to 31 December 2019 was approximately 4.68 mmboe and 2.81 mmboe respectively. Block 9 has an oil and liquids ratio of 100%.
"The Group holds a 30% participating interest in the Gas Development and Production Service Contract for the Siba contract area in Iraq and is the Operator of this block. The average daily gross production in 2019 was approximately 11,725 boed, and the average daily working interest production was approximately 3,518 boed. The accumulated gross and working interest production from 21 March 2019 to 31 December 2019 was approximately 3.35 mmboe and 1.01 mmboe respectively. Siba has an oil and liquids ratio of 63.8%. First commercial production ("FCP") of Siba was approved on 17 April 2019. This is a major milestone for Siba block. The pre-FCP production from 5 September 2018 to 16 April 2019 and relevant revenue were approved to be took account into the year of 2019 by Basra Oil Company ("BOC") in December 2019. So the total booked 2019 gross accumulative production of Siba was approximately 5.23 mmboe, including approximately 1.27 mmboe of 2018.
"On 4 June 2018, a preliminary development and production contract ("DPC") was signed with BOC of the Iraqi Ministry of Oil to conduct development and production operations in Sindbad block located in Basra Province, Iraq. DPC has a term of 20 years and require the Group to carry out general exploration and development activities on behalf of BOC, including the acquisition of 3D seismic, conducting geophysical and geological studies and demining works. DPC entitles the Group remuneration of 4.55% of all net deemed revenues, after taking into account petroleum cost recovery for costs incurred in the exploration, development and production as well as 25% of royalty payment due to the BOC. Formal DPC is expected to be signed in 2020."
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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.