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 […]
By John Lee. UK-based Cape plc, a provider of critical industrial services to the energy and natural resources sectors, has said that it is pursuing expansion in Iraq, where the Group was awarded initial small contracts from Kuwait Energy and GE during 2016. In its preliminary results for the twelve months to 31 December 2016, […]
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). […]
By John Lee. The Ministry of Oil is to postpone a bidding round for 12 small- and medium-sized oil fields, following criticism of the plans by experts including IBN Expert Blogger Ahmed Mousa Jiyad. In a statement, the Ministry's Petroleum Contracts and Licensing Directorate (PCLD) said: "Following to the previous Ministry of Oil Announcement dated […]
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 […]
By Ahmed Mousa Jiyad. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. The Ministry of Oil should withdraw its plan to offer 12 new oilfields. In a rather surprise move, the Ministry of Oil (MoO) announced its “intention” to offer 12 medium and small […]
By John Lee. Iraq's Ministry of Oil has requested proposals from international oil companies interestsed in developing a number of small- and medium-sized oil fields. The fields concerned are: Sindebad (Basra governorate); Umm Qasr [Um Qaser] (Basra governorate); Rachi (Basra governorate); Abu Khema (Basra governorate); Kumait (Missan governorate); Noor (Missan governorate); Umara (Missan governorate); Dema […]
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 […]
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 […]
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 […]
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 […]
