Egyptian General Petroleum Corporation Farms Into Block 9 in Iraq

Egypt’s national energy firm Egyptian General Petroleum Corporation (EGPC) has signed an agreement to farm into Block 9 in Iraq.

Kuwait Energy and Egyptian General Petroleum Corporation on Sunday jointly announced signing of an agreement whereby EGPC has farmed in a 10 percent participating interest in Block 9, which is located in the Iraq's Basra region.

With this agreement, EGPC has become a partner with Dragon Oil Holdings Limited and Kuwait Energy, in the Block 9 license, where Kuwait Energy is the operator.

Tarek El Molla, EGPC CEO stated: “We are pleased to announce EGPC’s first international investment. The merit of this investment is its contribution to building an economic relationship between Iraq and Egypt.”

The Exploration, Development & Production Service Contract (EDPSC) pertaining to Block 9 was signed in January 2013 after the award in 2012.