Independent Kuwait Energy Company (KEC) moved to refocus on its core Middle East production areas in 2Q13, abandoning its joint venture with Turkey’s TPAO, the UAE’s Dragon Oil and an Afghan firm that is negotiating exploration and production sharing contracts for the two blocks it won in Afghanistan. In a statement, KEC said that its growth strategy calls for further investment in its Egyptian, Yemeni and Iraqi assets.
Yet, all three of these countries pose challenges for KEC, leaving a question mark hanging over KEC’s chances in the second half of the year: a threat of sectarian war looms in Iraq (MEES, 26 July), while a precarious security environment in Yemen (MEES, 9 August) leaves international oil companies with a sense of uncertainty. (CONTINUED - 709 WORDS)
