In a quietly released earnings update late last month, Bahrain-headquartered firm Kuwait Energy (KEC) confirmed that its $651mn takeover by China’s United Energy Group (MEES, 28 September 2018) is pushing onward having been approved by KEC’s board in December. The firms are now “endeavoring to have all the outstanding [contract] conditions completed or waived by 30 June.”
United’s takeover of KEC’s Middle East-focused portfolio will give it numerous assets in Iraq and Egypt including Iraq’s 30,000 b/d Faihaa field (KEC 60% op, Dragon 30%; EGPC 10%) and the 25mn cfd Siba gas field (Kuwait Energy 30%op, Turkey’s TPAO 30%, Egypt’s EGPC 15%, Missan 25%) where output is expected to reach 100mn cfd (and 15,000 b/d condensate) in the second half of the year. United’s takeover would mark yet another Chinese firm increasing its plays in Iraq (MEES, 25 May 2018). (CONTINUED - 137 WORDS)