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Kuwait Energy 'committed to Iraq, Egypt'

Abu Dhabi, September 19, 2011

Kuwait Energy Company is committed to the development of oil and gas reserves in Iraq and Egypt for the benefit of both countries.

Kuwait Energy, one of the fastest growing independent oil and gas companies in the Middle East, operates in eight countries in the Mena and Eurasia regions.

In a recent interview on oil and gas opportunities in the region, Kuwait Energy Company senior vice president for Iraq, Mohammed Aboush noted that the Middle East and Africa regions have immense opportunities to offer.

The interview discussed a broad spectrum of topics including the latest developments on the Mansuriya and Siba gas fields in Iraq, Kuwait Energy’s approach towards infrastructure, security and resourcing challenges facing industry operators in Iraq, expectations from the fourth bidding round and the recent discoveries in Egypt. 

Kuwait Energy signed the development contracts for Siba and Mansuriya gas fields in Iraq, with Joint Management Committees (JMC) formed for both fields shortly after.

The company and its partners were awarded a 20-year term gas development contracts for these two fields in Iraq’s third bidding round held in October 2010.

“This marks the beginning of a long-term partnership with Iraq, and a step forward in Kuwaiti-Iraqi relations. We are very excited to start participating in the development of the country’s natural gas resources”, Aboush said.

“The gas will be utilised to generate power in Baghdad and Basra, providing the Iraqi Government with cost savings, an environmentally friendlier fuel and the opportunity to better serve its people as per its overall plan,” he said.

Talking about the availability of local skillful talent, he said: “Our aim is to have an Iraqi team comprising of nationals, working on the wells. We have already filled some key positions and are very optimistic about finding the right talent.”

“We are always looking for talented and skilled industry professionals to join our team in Iraq and across all our countries of operations as well”, he added.

Commenting on the fourth bidding round by the Ministry of Oil in Iraq Aboush said: “Kuwait Energy is very positive about the concept of expanding its Iraqi operations further and has recently completed its road show activity for the fourth bidding round. The Company is now forming its opinion on the specific blocks offered.”

Kuwait Energy recently announced it has discovered hydrocarbons in Egypt, in the GPZZ-4 and Al Ahmadi-1 wells located in its Abu Sennan concession in the Western Desert.

“Tests are still ongoing on both wells,” said Mr. Aboush. “These two discoveries bring the total number of discoveries we’ve made in Egypt to 13, reflecting Kuwait Energy’s commitment to contributing to Egypt’s hydrocarbons industry.”

Aboush will participate with other high level speakers in Iraq 2011: Future Energy forum and discuss and debate over four days the opportunities and challenges faced by those operating and investing in Iraq.

Organised by The Energy Exchange, Iraq 2011, Future Energy will take place between September 26 and 29, at the Elite World Istanbul Hotel in Turkey. – TradeArabia News Service




Tags: Egypt | Iraq | oil and gas | Kuwait Energy | Future Energy |

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