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Kuwait Energy signs agreement to sell 9-share stake in Iraq to UAE company
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KUWAIT: Kuwait Energy has signed an agreement to sell a stake in the 9-acre concession area in Iraq to Dragon Oil, a subsidiary of Emirates National Oil, the company said on Tuesday.
According to Reuters, Kuwait Energy said that under the agreement, a 15% stake in its service contract will be allocated to Dragon Oil's No. 9 concession area.
The share sold to the UAE company is 8.57% for a cash amount of $ 100 million and 6.43% for settling a dispute with Dragon Oil on a non-controlling interest in Iraq's concession area 9.
The company said it would continue to be the operator of the concession area with its share of 60% to 45% and the increase of Dragon Oil's share from 30% to 45%, with the remaining 10% held by the Egyptian General Petroleum Corporation
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