Kuwait's KUFPEC inks exploration, production agreement with EGAS

KUWAIT CITY - Kuwait Foreign Petroleum Exploration Company K.S.C.C. (“KUFPEC”) in partnership with Total 35% Operator, Shell 30%, and Tharwa 10% is pleased to announce that it has signed an Exploration and Production Agreement with the Egyptian Natural Gas Holding Company (“EGAS”) for the North Ras Kanayis Offshore block located in the Herodotus basin, offshore Egypt in the Mediterranean Sea (the “Block”).

KUFPEC holds 25% participating interest in the consortium. This Block covers an area of 4,550 sq. km, extending from 5 to 150 km from the shore, with water depths ranging from 50 to 3,200 m. The Herodotus Basin is a frontier basin, and the agreement commitments include a 3D seismic campaign during the first three years.

As part of KUFPEC’s exploration growth strategy, this Block builds on KUFPEC’s recent success and announcement of achieving first oil from the discovery well GNN- 4 in the Gulf of Suez Geisum and West Tawila Concession on 18 June 2020. KUFPEC Acting CEO, Sheikh Nawaf Saud Nasir Al-Sabah stated that KUFPEC’s commitment to engage in a frontier exploration with the entry into this Block demonstrates our commitment to augmenting our current position and investments in the Arab Republic of Egypt.The entry into this Block is also consistent with our strategy to deliver value to our shareholder, Kuwait Petroleum Corporation through exploration success and consistently strong performance.

KUFPEC is an international upstream company engaged in Exploration, Development and Production of crude oil and natural gas outside the State of Kuwait and is a wholly owned subsidiary of Kuwait Petroleum Corporation