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عضو نشط
- التسجيل
- 2 ديسمبر 2006
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Kuwait Energy completes acquisition of two oil fields in Russia
Kuwait, 17 January 2011: Kuwait Energy Company KSCC (“Kuwait Energy” or “the Company”), one of the fastest growing independent oil and gas exploration and production companies in the Middle East, announced that it has completed the acquisition of Pechora Energy Company LLC and OJSC VIK, which own the two Russian oil fields, Luzskoye and Chikshina, from Concorde Oil and Gas Limited.
Kuwait Energy entered into this transaction in December 2009. Prior to the transaction, Kuwait Energy had a 36.56% working interest in the Luzskoye and Chikshina oil fields through its 36.56% ownership of Concorde Oil & Gas Limited. With the completion of the transaction, Kuwait Energy has a 100% working interest as well as operatorship of the two oil fields.
The Luzskoye oil field is located in the Timan-Pechora Basin, west of the Ural Mountains, and has a daily production rate of over 500 barrels of oil equivalent (boe). The Chikshina oil field is located 25 km east of Luzskoye and is currently being developed.
Kuwait Energy CEO and Deputy Chairman, Sara Akbar said: “This is Kuwait Energy’s first operatorship in Russia. As we continue to develop the two fields, having full ownership over these assets enables us to add value and optimize our operations over the long term.”
In addition to its Russian assets, Kuwait Energy’s portfolio includes 41 other oil and gas producing and exploration assets in: Egypt, Iraq, Yemen, Oman, Ukraine, Latvia and Pakistan. The Company operates 15 of its total 43 assets.
-- Ends
Notes to Editors:
·Headquartered in Kuwait, Kuwait Energy Company is one of the few independent oil and gas exploration and production companies operating in the Middle East
·Kuwait Energy has been profitable since inception in 2005, and currently operates in Egypt, Iraq, Yemen, Oman, Ukraine, Latvia, Russia and Pakistan
·Kuwait Energy’s proven and probable reserves at year end 2009 were 51.2 million barrels of oil equivalent and its current production is ~14,000 barrels of oil equivalent per day
·Kuwait Energy is targeting an initial public offering (IPO) in the London and/or Kuwait stock markets in mid 2011, subject to market conditions. Once listed, the company will become one of the few publicly available investment opportunities directly connecting investors to the oil and gas exploration and production sector in the Middle East
Details
Kuwait Energy completes acquisition of two oil fields in Russia
Kuwait, 17 January 2011: Kuwait Energy Company KSCC (“Kuwait Energy” or “the Company”), one of the fastest growing independent oil and gas exploration and production companies in the Middle East, announced that it has completed the acquisition of Pechora Energy Company LLC and OJSC VIK, which own the two Russian oil fields, Luzskoye and Chikshina, from Concorde Oil and Gas Limited.
Kuwait Energy entered into this transaction in December 2009. Prior to the transaction, Kuwait Energy had a 36.56% working interest in the Luzskoye and Chikshina oil fields through its 36.56% ownership of Concorde Oil & Gas Limited. With the completion of the transaction, Kuwait Energy has a 100% working interest as well as operatorship of the two oil fields.
The Luzskoye oil field is located in the Timan-Pechora Basin, west of the Ural Mountains, and has a daily production rate of over 500 barrels of oil equivalent (boe). The Chikshina oil field is located 25 km east of Luzskoye and is currently being developed.
Kuwait Energy CEO and Deputy Chairman, Sara Akbar said: “This is Kuwait Energy’s first operatorship in Russia. As we continue to develop the two fields, having full ownership over these assets enables us to add value and optimize our operations over the long term.”
In addition to its Russian assets, Kuwait Energy’s portfolio includes 41 other oil and gas producing and exploration assets in: Egypt, Iraq, Yemen, Oman, Ukraine, Latvia and Pakistan. The Company operates 15 of its total 43 assets.
-- Ends
Notes to Editors:
·Headquartered in Kuwait, Kuwait Energy Company is one of the few independent oil and gas exploration and production companies operating in the Middle East
·Kuwait Energy has been profitable since inception in 2005, and currently operates in Egypt, Iraq, Yemen, Oman, Ukraine, Latvia, Russia and Pakistan
·Kuwait Energy’s proven and probable reserves at year end 2009 were 51.2 million barrels of oil equivalent and its current production is ~14,000 barrels of oil equivalent per day
·Kuwait Energy is targeting an initial public offering (IPO) in the London and/or Kuwait stock markets in mid 2011, subject to market conditions. Once listed, the company will become one of the few publicly available investment opportunities directly connecting investors to the oil and gas exploration and production sector in the Middle East
