The Egyptian General Petroleum Corporation (EGPC) has signed a contract with Kuwait Energy oil firm on its Siba gas field, which is located southeast of Basra Governorate in Iraq, reported Egypt Independent. According to the agreement, EGPC will own 15% of Siba field, informed Trade Arabia. The Petroleum Projects & Technical Consultations Company (Petrojet) is the project’s general contractor as it will perform the engineering and executive works worth $200m.
The Egyptian Ministry of Petroleum stated that Siba field will start production during 2017. It is primarily estimated to produce 70mcf/d of gas that will increase gradually to reach between 100mcf/d to 150mcf/d of gas.
This is the second time EGPC signs an agreement with Kuwait Energy after the agreement over Fayhaa petroleum field located in Basra, Iraq, in Which EGPC owns 10% as per the agreement.
According to the Egyptian Minister of Petroleum, Tarek El Molla, Siba and Fayhaa are considered a step to place EGPC on top of international oil drilling companies.