IFIC Increases Stakes in a North Sinai Field

IFIC Increases Stakes in a North Sinai Field

Egypt Kuwait Holding Company’s subsidiary, the International Financial Investments Company (IFIC), has increased its stake in NSCO Investments Limited Company, which owns the concession rights of the natural gas field located in the North Sinai offshore region, Egypt Oil & Gas reports.

The company boosted its stakes from 40% to 99.997% through the subscription of a capital increase by $20 million.

IFIC has recently completed drilling two digital wells, well number 4 and well number 5, in the Tao field, and the wells’ initial production indicators show good results.

The company is considering drilling four new wells in Kamose field, and well number 10 in Tao field, which are located in the concession area, with investment cost estimated at $110 million, during 2018.

Sarah Samir 2950 Posts

Sarah has been writing in the oil and gas field for 8 years. She has a Bachelor Degree in English Literature. She has three years of experience in the banking sector.

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