Egypt joined an alliance to develop the Ghazi field in Iraq

Twilight News
5 hours ago

The Ministry of Oil represented by the Basra Oil Company with the coalition of companies winning the development of the field of Saybah gas in the province of Basra - southern Iraq an additional amendment to the wording of the contract.

The amendment included the accession of the Egyptian General Petroleum Corporation (EGPC) as a partner in the development of the field by 15% of the share of the main operator Kuwait Energy Company, amounting to 45% of the contract, which is shared by a Turkish company by 30% and the government partner represented by Missan Oil Company by 25% .

"The additional amendment to the contract was signed after the completion of the legal procedures by all the parties and comes to the benefit of the work and benefit from the experience of the Egyptian Petroleum Authority and the necessity of further development of the field and the optimal investment of gas," spokesman Assem Jihad said on Friday. That the ministry is seeking to raise gas production rates and achieve self-sufficiency of gas produced.

The contract with the consortium of companies operating in the field, which took place within the third licensing round, stressed that "the main contractor has the right to waive part of his share to another partner he deems appropriate."

For his part, said the director of Kuwait Energy Company Majid Hadi Hussein: "Kuwait Energy Company," operating party of the field "and after obtaining the necessary approvals from the Basrah Petroleum Company and the Ministry of Oil and the preparation of necessary documents and legal and technical requirements to sell 15% of its share of 45% of the contract Development of the gas field of Sebia to the Egyptian General Petroleum Authority.

The Egyptian General Petroleum Corporation (EAD) Chief Executive, Abed Ezz Al-Ghanim, said that the partnership is a new step on the road of close cooperation between the Egyptian General Petroleum Corporation and the rest of the partners. It also opens the way for greater future cooperation with the Basra Oil Company. To contribute to the development and maximization of production and in the near future.