Kuwait Energy Plc signed a farm-out agreement to give Egypt General Petroleum Corp. (EGPC) a 20% participating interest for the Siba Field in Iraq, the company said in an emailed statement on Oct. 26.
The agreement, signed in Egypt on Oct. 24, remained subject to Iraqi regulatory approval.
The Siba deal marks the second partnership between Kuwait Energy and EGPC in southern Iraq. EGPC became a partner last year in the Block 9 concession operated by the Kuwaiti firm.
Kuwait Energy was awarded a 20-year gas development and production service contract for the Siba Field in 2011, receiving operatorship and 45% revenue interest.
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