Egypt takes stake in exploration block
The Egypt General Petroleum Corporation (EGPC) has taken a 10 percent stake in the Kuwait Energy-led exploration contract for Block 9 in Basra.
Ahmed Haider Ahmed, business development manager of Kuwait Energy, drops his offer in a box during the fourth licensing round for exploration blocks at the Oil Ministry's headquarters in Baghdad May 30, 2012. A consortium led by Kuwait Energy secured a deal to explore Block 9, a mainly oil area in southern Basra province. (THAIER AL-SUDANI/Reuters)
The Egypt General Petroleum Corporation (EGPC) has taken a 10 percent stake in the Kuwait Energy-led exploration contract for Block 9 in Basra.
Abdul Mahdy al-Ameedi, director general of Iraq's Petroleum Contracts and Licensing Directorate, said in a statement issued Wednesday by the Oil Ministry that Kuwait Energy's stake will be reduced to 60 percent.
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