Egypt Partners Up With Kuwait Energy For First Foreign Exploration Venture

Egypt’s state-run oil firm EGPC has rubber-stamped a deal to farm-in to Kuwait Energy’s (KEC) Block 9 in Iraq’s southern Basra region, marking the first time Egypt will be exploring for oil outside its own borders.

Production is slated to begin later this month at a rate of around 5,000 b/d, rising to 25,000 b/d by end-2016, and to 150,000 b/d by 2020-21.

The deal was reported as early as...