Egypt’s Ministry of Petroleum signed a $120 million investment deal with a consortium of Cheiron Energy and Kuwait Foreign Petroleum Exploration Company (KUFPEC). The investment will be directed towards the Geisum and Tawila West Concession in the Gulf of Suez to boost oil and natural gas production.
During a meeting with the heads of Cheiron and KUFPEC, Egyptian Minister of Petroleum Karim Badawi emphasized Egypt’s commitment to supporting and investing in this partnership to enhance production. The agreement entails expanding the concession’s boundaries to facilitate further exploration and discovery. It also mandates the drilling of nine wells, including five exploration wells, which are expected to increase production by 4,000 barrels of crude oil per day.
KUFPEC, a wholly owned subsidiary of Kuwait Petroleum Corporation, specializes in the exploration, development, and production of crude oil and natural gas outside Kuwait. Cheiron Energy is the largest independent oil and gas exploration and production company in Egypt.
