Oil Search seals Kuwait deal

Port Moresby-based Oil Search said it had wrapped up the sale of part of its Middle East and North Africa assets to Kuwait Energy Company for $200 million.
Oil Search said the sale included its interests in Area A of the East Ras Qattara Concession and in Block 6 in Egypt, as well as in blocks 15, 35, 43, 49 and 74 in Yemen.
The company said the sale was undertaken following its strategic review, which concluded that some of the licences were no longer needed as the company makes progress on the PNG LNG liquefied natural gas project and other activities in Papua New Guinea.
It said the sale would provide “substantial” cash and would reduce capital requirements for its operations in the region. It would also allow it to refocus on other assets in the Mena area, including the drilling of the Shakal prospect in the autonomous Kurdish area of northern Iraq.

(Upstream Online)


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