The acquisition of two oil fields will give the company full working interest and operatorship
Kuwait Energy Co said it completed the acquisition of Pechora Energy Co and OJSC VIK from Concorde Oil and Gas Ltd, giving the Kuwaiti oil and gas company full working interest and operatorship of two Russian oil fields.
Kuwait Energy previously had a 36.5 percent in the Luzskoye and Chikshina oil fields through its stake in Concorde, the company said in an e-mailed statement on Monday. Financial details weren’t disclosed.
Luzskoye has a daily production rate of more than 500 barrels of oil equivalent, the company said. Chikshina is currently being developed.
Kuwait Energy, which was set up in 2005 and operates in Egypt, Iraq, Yemen, Oman, Ukraine, Latvia, Russia and Pakistan, said in May last year it produces 15,927 barrels of oil equivalent a day and had proven and probable reserves of 51.2 million barrels.For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.