Egyptian General Petroleum Corporation has inked an agreement with Kuwait Energy to buy stake in Siba gas field in Iraq’s Basra region, the Egyptian oil ministry said October 26. The field has reserves of 555bn ft³ of natural gas and 37mn barrels of condensate.
The ministry stated that EGPC will have a 15% interest in the field. It expects production to be 70mn ft³/d by 2017 which is likely to rise to 100-150mn ft³/d. Egyptian Petrojet will be the general contractor of the field development project through carrying out all the executive and engineering works of the project at costs of $200mn.
This is the second partnership between the two sides outside Egypt. Kuwait Energy farmed out a10% working interest in Block 9 in southern Iraq to EGPC and now has 60%.
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