Kuwait Energy will spend $ 80 million on exploration process in Iraqi field

kcs Mon Jan 14, 2013 8:55 am

01/14/2013

BAGHDAD / JD / .. Revealed Is the Board of Directors Kuwait Energy, Mansour Bukhamseen, that the company will sign a contract drilling for oil in the segment No. 9 located in the province of Basra, Iraq, on Jan. 27, noting that the company and by the terms of the contract have an obligation to spend $ 80 million on exploration in the field .

The Bukhamseen in a press statement: that the cost development of the field will exceed billion dollars and the company will after signing the contract receipt site officially from the Iraqi government to begin work there through the work of a study of the site field and then mine in the region in preparation for the work of seismic survey developed to detect quantities of oil and gas, noting that work in the field will take 3 to 4 years to reach commercial production operations.

The Bukhamseen that under the contract will Kuwait Energy Company to develop this important sector, which is one of the best sectors posed by Iraq in the licensing round fourth, expected to be the return on Kuwait Energy Company 6.25 dollars per barrel, the company produced, pointing out that the company won this tender with the consortium, which includes the UAE alongside Dragon among a number of companies specialized and global alliances in this regard. Bukhamseen said he is not the first entry to Kuwait Energy Company in Iraq outran the company that entered Iraq since 2010 through two engagement and this project is the largest and third largest, which was launched in the fourth licensing round in June.

He said that Kuwait Energy's share in the project is estimated at about 70%, while the share of UAE-based company Dragon 30%, stressing that «Kuwait Energy is able to provide all the money needed for the development process.

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