Iraq Ministry of Oil Modifies the Contract of Developing Seeba Gas Field

Source: www.gulfoilandgas.com 5/21/2017, Location: Middle East

The ministry of oil "represented by the Basrah oil company" signed on an additional modification on the contract with the awarded companies to develop the Seeba gas field in Basrah governorate in the south of Iraq.

The contract included the joining of the "Egyptian General Petroleum Corporation" as a 15% partner in the field development within the share of Kuwait Energy which is 45%. And the Turkish company which is partner in 30% of the share and the governmental partner "Maysan Oil Company" which has 25% of the share.

Mr. Assim Jihad the spokesman of the ministry said that the additional modification on the contract which was signed after finishing the legal procedures by all the parties is done for the work requirements and to make use of the expertise of the Egyptian petroleum corporation, as well as the necessities to develop the field and invest the gas perfectly. He said also that the ministry of oil is aiming to develop the gas production average and achieve the self-sufficiency of the produced gas.

It is trustworthy to say that the signed contract with the consortium of the companies which are working in the field within the third licensing round includes that "the main contractor has the right to concede a part of his share to another appropriate partner".

Mr. Majid H. Hussein The director of Kuwait Energy Company in Iraq said that his company "the operator partner in the field" sold 15% of their share which is 45% to the Egyptian general petroleum corporation, after the gaining of the approval from the Basrah oil company and the ministry of oil in addition to the preparation of the appropriate documents and the legal & technical requirements.

Mr. Abid Ezz Al-Rijal the CEO of the Egyptian corporation considered this partnership as a good step on the way of cooperation between the Egyptian petroleum corporation and the other partners, and opens the door for the future a bigger cooperation with the Basrah oil company. He confirmed also that the corporation is putting all its capabilities and companies to contribute in the development and raising the production.




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