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FINANCIAL NEWS
Egypt signs deal with Kuwait Energy for 15pct Iraq’s gas field
27 Oct 2016
(MENAFN) The Egyptian General Petroleum Corp. (EGPC) has inked a deal with Kuwait Energy for the Seba gas field located in Iraq.
Additionally, the project is the second partnership deal between both sides, while the first was the Fayhaa petroleum field in Basra, with EGPC owning 10pct.
Accordingly, the field will start actual production by 2017 with initial rates of 70m cubic feet of gas per day, which will increase to a range of 100-150m cubic feet.
Moreover, the project’s general contractor is Petrojet, which will carry out the entirety of the USD200mn worth of engineering for the project.
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