On 16 September 2018, Kuwait Energy Company KSCC (Kuwait Energy) signed a new agreement with Egypt Oil Ministry for its Abu Sennan concession, Abu Gharadig basin. This USD 10 million agreement includes a USD 2 million signing bonus and the drilling of four wells.  Kuwait Energy operates the concession with a 25% interest. The other partners are Global Connect Ltd with a 25% interest, Dover Investments with a 28% and Rockhopper Exploration plc. with a 22% interest. Â   Background information  The concession is under a Production Sharing Contract (PSC) covering five 20-year development leases (containing mainly oil with associated gas) and one exploration licence.  The company reported six oil prospects identified with two to four targets in each reservoir, mainly in the Abu Roash, Bahariya, and Kharita formations. There are also additional reserves upside associated with water flood projects post technical studies.   Kuwait Energy completed the gas production facilities and commenced gas production sales in 2015.   On 4 October 2017, Kuwait Energy had sold a 25% interest in Abu Sennan concession, Abu Gharadig basin to Global Connect Limited.
Kuwait Energy Company KSCC (Kuwait Energy) signed a new agreement with Egypt Oil Ministry for its Abu Sennan concession, Abu Gharadig basin. This USD 10 million agreement includes a USD 2 million signing bonus and the drilling of four wells. 