Kuwait’s KEC acquires Oil Search unit
Posted: 21 April 2008
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Kuwait Energy Company (KEC) announced that it acquired Australian giant Oil Search's Middle East and North Africa (Mena) unit for USD 200 million, state news agency KUNA reported.
KEC deputy executive director Sara Akbar told KUNA, that KEC benefited from its strong relations and technical expertise in oil industries in submitting an offer before Oil Search offered a general tender.
She said the agreement was signed in Dubai on April 14 and that all the deal’s procedures will be completed by mid 2008.
She further pointed out that Oil Search will continue its operational activities for three to six months to ensure a smooth transition to KEC.
The deal comes as implementation of KEC's strategy of providing productive assets to increase overall production, she said.
The acquired unit is an operator of four out of eight capitals, she added.
KEC is located in Kuwait and has a paid capital of around KD 50 million. It aims to produce 50,000 barrels of oil and equivalent gas a day out of the 300 million barrels of confirmed reserves in the Middle East by 2010. |
