Kuwait Energy Company sold its 20 percent participation interest from its contractor’s share in Egypt’s Burg El-Arab concession to Calgary-based oil and gas company East West Petroleum Corporation, the firm said in a statement.
Kuwait Energy will remain the operator of the Burg El-Arab concession with 55 percent interest from the contractor’s share in addition to the operatorship, the statement added.
Gharib Oil Fields partner in Burg El Arab will retain its 25 percent participation interest, Steel Guru cited the firm’s statement as saying.
Sara Akbar, deputy chairman and CEO of Kuwait Energy Company, said that "The agreement enables Kuwait Energy to align its portfolio with its long term growth plans. We remain the operator of the concession and are glad to begin our joint venture with East West Petroleum to realize the full potential of the asset."
