The petroleum, contracts & licensing directorate of the ministry of oil announced for some modifications on the 9th exploratory area contract in Basra province.
Mr. Abdulmahdi Al-Ameedy the director general of the petroleum contracts & licensing directorate said that the first modification was to sell 10% of the share of Kuwait Energy Company to the Egyptian general petroleum corporation, so that the share of Kuwait Energy becomes 60% within the consortium which was awarded with the 4th exploratory area during the 4th licensing round.
Mr. Ameedy said also that the second modification on the contract was to establish a long term program for the well which was drilled in the exploratory area and was expected to produce 5000 Barrels Per Day. And according to that, the company’s dues was determined.
It is worthy to mention that, the 9th exploratory area development contract was awarded to the consortium of Kuwait Energy & Dragon oil during the 4th licensing round.
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