Egypt takes stake in exploration block
The Egypt General Petroleum Corporation (EGPC) has taken a 10 percent stake in the Kuwait Energy-led exploration contract for Block 9 in Basra.
Ahmed Haider Ahmed, business development manager of Kuwait Energy, drops his offer in a box during the fourth licensing round for exploration blocks at the Oil Ministry's headquarters in Baghdad May 30, 2012. A consortium led by Kuwait Energy secured a deal to explore Block 9, a mainly oil area in southern Basra province. (THAIER AL-SUDANI/Reuters)
The Egypt General Petroleum Corporation (EGPC) has taken a 10 percent stake in the Kuwait Energy-led exploration contract for Block 9 in Basra.
Abdul Mahdy al-Ameedi, director general of Iraq's Petroleum Contracts and Licensing Directorate, said in a statement issued Wednesday by the Oil Ministry that Kuwait Energy's stake will be reduced to 60 percent.
Login to your account
Subscribe for news access
Annual News subscribers receive access to the full archive of Iraq Oil Report articles.
