By NNN-SABA,
Sana’a : The Kuwait Energy Company is currently busy with a deal signed for having the assets of the Australian giant Oil Search’s Middle East and North Africa (Mena) in Shabwa and Hadramout provinces and some oil blocks in Egypt at a cost of $ 200 million.
The oil blocks in Yemen to be obtained by the company are 15, 35, 49, 43, 74 in the provinces of Shabwa and Hadramout.
The deal was clinched on 14 April in Dubai and the related procedures would be finalized by mid 2008, the Kuwait Energy Company’s office manager in Yemen Abdul Salam Ahmed al-Kabab said.
The Mena will still operating at the blocks for three months to six to ensure the process of transfer would be flexible, he said.
Al-Kabab signaled the deal comes within the framework of the company’s short and long term plans to have a balanced portfolio of properties that will contribute to the company’s aspired production of 3000 barrels a day. In addition it comes to cope with its goals to expand investment in the region particularly in Yemen under the suitable features offered by Yemen’s investment laws.
The aim of the Kuwait-Based Kuwait Energy Company with a capital of Kuwaiti Dinar 50 million of pssossing these blocks in Yemen and Egypt is to increase its production capacity to 50.000 a day of 300 million barrels reserves of oil and gas by 2010 in the region.
It was established in August 2005, working with future visions and is ambitious to change into an independent great oil company in the Middle East region.