By John Lee. The Arab Energy Fund has led and closed a $346 million reserve-based lending (RBL) facility for Kuwait Energy Basra Limited (KEBL), operator of Block 9 (Faihaa Field) in Basra and a wholly owned subsidiary of China's United Energy Group Limited (UEG). The financing will support the next phase of expansion and development […]
By John Lee. UAE-based Dragon Oil has signed a series of strategic memoranda of understanding with key companies operating in Iraq's oil projects. The agreements include an MoU with China's Anton Oilfield Services, and another with Iraqi firm Nahdat Al-Bina for Contracting. According to the company, the memoranda open new opportunities to strengthen cooperation, support […]
By John Lee. Hayan Abdul Ghani, Iraq's Minister of Oil, has inaugurated the first phase of the Central Processing Facility (CPF) at the Al-Faihaa [Fayhaa] oil field in Basra, with a capacity of 100,000 barrels per day. According to a statement from the Ministry of Oil, this marks the transition of Al-Faihaa from an exploratory […]
By John Lee. The Ministry's Deputy Minister for Gas Affairs has inspected the gas project in Block 9 (Al-Fayhaa, Faihaa) in Basra province. Mr. Ezzat Saber said he hoped to utilize 130 million cubic feet per day of gas from the field by year-end, along with equipping power stations to process 100 million cubic feet […]
By John Lee. Kuwait Energy Basra Limited (KE Basra), an indirect wholly-owned subsidiary of Hong Kong-based United Energy Group (UEG), has entered into the EPCC (engineering, procurement, construction and commissioning) contract with a Chinese consortium to provide a central processing facility including oil treatment system and auxiliary systems at Block 9 in Basra. The contractor […]
By John Lee. The President of the Iraqi National Oil Company (INOC) has laid the foundation stone for the $594-million crude oil processing plant at Block 9, within the Al-Fayha Oil Field in Basra Province. Ihsan Abdul-Jabbar Ismail said that the development is important for the production of light oil, with a target for this […]
By John Lee. Oil production in the Al Faihaa area (Block 9) in Basra is reportedly expected to increase in the coming year with increasing investment. Dragon Oil CEO Ali Al Jarwan told Oil & Gas Middle East that the company plans to increase production in Iraq to 100,000 barrels per day (bpd) by 2025. […]
By John Lee. Kuwait Energy has reportedly hired an investment bank to advise it on options that could include selling all or part of its Block 9 field in southern Iraq. Reuters says that Perella Weinberg Partners (PWP) will assist in creating liquidity and a cash buffer to repay debt. Discussions on a possible merger […]
Kuwait Energy Signs Block 9, Iraq Farm-out Agreement with Dragon Oil Kuwait Energy (KEC) has announced the signing of the Block 9, Iraq Farm-out Agreement with Dragon Oil (a wholly-owned subsidiary of Emirates National Oil Company Ltd, the national oil company of Dubai). As per the Farm-out Agreement, Kuwait Energy will assign a 15% participating […]
By John Lee. Kuwait Energy has said that by focusing on its Iraqi operations, it is protected against oil price fluctuations, allowing it to sustain growth and a strong balance sheet even under volatile market conditions. In its Financial Statement for 1st Half 2017, the company says: "Our finances reflect the continued growth in the […]
By John Lee. Kuwait Energy has announced that it intends to proceed with an initial public offering (IPO), and to list on the main market of the London Stock Exchange (LSE). In a statement to the markets this morning, the company said it expected to raise gross primary proceeds of approximately $150 million from the […]
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). […]
