Egypt signs a USD 120 mln investment deal with KUFPEC, Cheiron Energy

Egyptian Ministry of Petroleum signed on Sunday a deal with a consortium of Cheiron Energy and Kuwait Foreign Petroleum Exploration Company (KUFPEC) investing USD 120 million in the Geisum and Tawila West Concession in the Gulf of Suez to increase Oil and Natural Gas production. The Egyptian Minister of Petroleum, Karim Badawi, affirmed in meeting with the heads of Cheiron and KUFPEC, that Egypt is committed to support and invest in this partnership's concession to increase production, a statement from the ministry said. The agreement includes the expansion of the concession's boundaries, allowing more room for exploration and discovery, it also includes an obligation to drill nine wells, five of which should be exploration wells, which will contribute to a production growth of four thousand crude barrels per day, the statement continued. 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 ow ned subsidiary of Kuwait Petroleum Corporation; and Cheiron Energy, is the largest independent Egyptian oil and gas E and P company. Source: Kuwait News Agency