Kuwait s World Oil and Environment Company has won 50 percent of Egypt s Kom Ombo oil field exploration and production concession, the official Kuna news agency reported Tuesday.
Farouk Al-Yahia, chairman of the Kuwaiti company, told reporters at a press conference earlier that that day his company had signed a transferring contract with Canada s Centurion Company, which owns the Egyptian oil field exploitation concession.
Covering 22,000 square kilometers, the oil field produces 6,000 barrels of crude oil per day at present, of which 3,000 barrels would go to the Kuwaiti company, noted Al-Yahia.
According to the contract, oil well digging processes are expected to kick off within a few weeks, Al-Yahia told reporters. He noted that the company aims to boost production to 10,000 barrels per day in future.
According to KUNA reports, it is the Kuwaiti company s second project as it had earlier entered into an oil field project in Indonesia.
The Kuwaiti company is now considering several projects in Yemen, Mauritania, north Iraq and Libya, added Al-Yahia.